Mitsubishi Electric (OTCMKTS:MIELY) Sees Large Volume Increase – Time to Buy?

Mitsubishi Electric Co. (OTCMKTS:MIELY) shares saw an uptick in trading volume on Tuesday . 317,907 shares changed hands during trading, an increase of 184% from the previous session’s volume of 112,091 shares.The stock last traded at $65.80 and had previously closed at $66.10.

Analyst Upgrades and Downgrades

MIELY has been the topic of a number of research reports. Sanford C. Bernstein began coverage on Mitsubishi Electric in a report on Tuesday. They issued an “outperform” rating on the stock. Zacks Research downgraded shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 28th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold”.

Mitsubishi Electric Stock Performance

The stock has a 50 day moving average of $69.88 and a two-hundred day moving average of $72.42. The firm has a market capitalization of $70.22 billion, a P/E ratio of 50.73 and a beta of 0.76.

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

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japan-based global manufacturer of electrical and electronic equipment. Founded in 1921, the company develops technologies and systems for homes, businesses, factories, transportation networks and public infrastructure.

Its principal businesses include energy and electric systems, industrial automation, information and communications systems, electronic devices and home appliances. Products and solutions include factory automation equipment, power-generation and transmission systems, elevators and escalators, air-conditioning systems, televisions and other consumer electronics, semiconductors, satellites and related space technologies.

Mitsubishi Electric serves customers in Japan and international markets across the Americas, Europe, Asia and other regions.