Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Up – Time to Buy?

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s stock price gapped up prior to trading on Monday. The stock had previously closed at $56.33, but opened at $60.5601. Mitsubishi Electric shares last traded at $62.06, with a volume of 3,399 shares.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Zacks Research cut shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 4th. Sanford C. Bernstein started coverage on shares of Mitsubishi Electric in a report on Tuesday, September 15th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Mitsubishi Electric Price Performance

The company has a market capitalization of $66.06 billion, a price-to-earnings ratio of 47.73 and a beta of 0.90. The firm has a fifty day simple moving average of $64.54 and a 200 day simple moving average of $70.49.

Mitsubishi Electric (OTCMKTS:MIELY) last announced its earnings results on Friday, October 30th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.16. The business had revenue of $10.35 billion for the quarter, compared to analyst estimates of $9.97 billion.

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japanese electronics and electrical equipment manufacturer founded in 1921 and headquartered in Tokyo. It develops products and systems for homes, businesses, factories, transportation networks, and public infrastructure.

Its offerings include heating, ventilation and air-conditioning systems; elevators and escalators; factory automation equipment; power and energy systems; and automotive components. The company also makes electronic devices and provides information and communications technologies, including satellite-related systems.

Mitsubishi Electric serves customers in Japan and international markets through operations and business activities around the world.