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

Mitsubishi Electric (OTCMKTS:MIELY) posted its earnings results on Friday. The company reported $1.15 EPS for the quarter, beating the consensus estimate of $0.80 by $0.35, Zacks reports.

Mitsubishi Electric Stock Performance

Mitsubishi Electric stock traded down $3.42 during midday trading on Friday, reaching $57.99. The company’s stock had a trading volume of 128,850 shares, compared to its average volume of 116,015. Mitsubishi Electric has a fifty-two week low of $50.20 and a fifty-two week high of $86.00. The stock’s 50 day simple moving average is $65.89 and its 200 day simple moving average is $70.63. The firm has a market capitalization of $61.27 billion, a PE ratio of 44.27 and a beta of 0.81.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MIELY shares. Sanford C. Bernstein began coverage on Mitsubishi Electric in a research report on Tuesday, September 15th. They issued an “outperform” rating for the company. Zacks Research upgraded Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently 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.