Mitsubishi Electric (OTCMKTS:MIELY) Rating Lowered to Hold at Zacks Research

Mitsubishi Electric (OTCMKTS:MIELY) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, Zacks reports.

Separately, Sanford C. Bernstein began coverage on shares of Mitsubishi Electric in a report on Tuesday, September 15th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Mitsubishi Electric presently has an average rating of “Hold”.

Mitsubishi Electric Trading Down 9.4%

Mitsubishi Electric stock opened at $55.95 on Wednesday. The firm has a 50 day moving average of $64.78 and a 200 day moving average of $70.51. The firm has a market capitalization of $59.12 billion, a price-to-earnings ratio of 42.71 and a beta of 0.90. Mitsubishi Electric has a 12-month low of $50.20 and a 12-month high of $86.00.

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

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.