Mitsubishi Electric (OTCMKTS:MIELY) Releases Earnings Results, Beats Estimates By $0.35 EPS

Mitsubishi Electric (OTCMKTS:MIELY) posted its quarterly earnings data on Friday. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.35, Zacks reports.

Mitsubishi Electric Price Performance

Shares of MIELY traded down $3.42 during mid-day trading on Friday, reaching $57.99. The stock had a trading volume of 128,850 shares, compared to its average volume of 116,040. The business’s fifty day moving average is $65.89 and its 200 day moving average is $70.63. The firm has a market cap of $61.27 billion, a price-to-earnings ratio of 44.27 and a beta of 0.81. Mitsubishi Electric has a 52-week low of $50.20 and a 52-week high of $86.00.

Wall Street Analysts Forecast Growth

MIELY has been the subject of several analyst reports. Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. Sanford C. Bernstein began coverage on 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 Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Mitsubishi Electric currently has a consensus rating of “Buy”.

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japan-based global manufacturer of electrical and electronic equipment. Founded in 1921 and headquartered in Tokyo, the company develops products and systems for infrastructure, industry, mobility, buildings, homes and information technology.

Its offerings include factory automation equipment, industrial robots, power generation and transmission systems, railway and transportation equipment, elevators and escalators, heating and cooling systems, air conditioners, home appliances, automotive components, semiconductors and other electronic devices.