Mitsubishi Electric (OTCMKTS:MIELY) Announces Quarterly Earnings Results

Mitsubishi Electric (OTCMKTS:MIELY) issued its quarterly earnings results on Friday. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04, Zacks reports.

Mitsubishi Electric Stock Up 7.5%

Shares of MIELY traded up $5.10 during mid-day trading on Friday, hitting $72.66. The company had a trading volume of 66,654 shares, compared to its average volume of 121,167. Mitsubishi Electric has a 1-year low of $45.49 and a 1-year high of $86.00. The business’s 50-day simple moving average is $72.84 and its 200-day simple moving average is $72.02. The stock has a market cap of $76.77 billion, a PE ratio of 68.55 and a beta of 0.75.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

About Mitsubishi Electric

Mitsubishi Electric Corporation (OTCMKTS: MIELY) is a Tokyo-based multinational manufacturer of electrical and electronic equipment. Founded in 1921, the company is part of the broader Mitsubishi Group and has grown into a diversified industrial enterprise serving commercial, industrial and consumer markets. Mitsubishi Electric develops, manufactures and sells a wide range of products and systems used in building systems, factory automation, power generation and distribution, transportation, and information and communication infrastructure.

The company’s product and service portfolio includes air-conditioning and heating systems, elevators and escalators, factory automation and control equipment, power and electric systems, transportation systems and signaling for railways, and semiconductors and electronic devices.