Mitsubishi Electric Co. (OTCMKTS:MIELY) Sees Large Decline in Short Interest

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totaling 25,287 shares, a drop of 46.1% from the July 15th total of 46,928 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average trading volume of 178,117 shares, the days-to-cover ratio is currently 0.1 days.

Mitsubishi Electric Trading Down 3.2%

OTCMKTS MIELY opened at $74.42 on Wednesday. Mitsubishi Electric has a 1 year low of $45.49 and a 1 year high of $86.00. The company has a fifty day simple moving average of $71.97 and a 200 day simple moving average of $73.02. The company has a market cap of $78.63 billion, a P/E ratio of 56.81 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY) last announced its earnings results on Friday, July 31st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. The firm had revenue of $9.40 billion during the quarter, compared to the consensus estimate of $8.75 billion.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Mitsubishi Electric currently has a consensus rating of “Buy”.

Mitsubishi Electric Company Profile

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.