Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – Here’s Why

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s stock price gapped down prior to trading on Friday. The stock had previously closed at $62.08, but opened at $58.50. Mitsubishi Electric shares last traded at $59.46, with a volume of 545,604 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MIELY shares. Sanford C. Bernstein initiated coverage on shares of Mitsubishi Electric in a research report on Tuesday, September 15th. They issued an “outperform” rating on the stock. Zacks Research lowered shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 4th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Mitsubishi Electric currently has an average rating of “Hold”.

Mitsubishi Electric Price Performance

The company has a market capitalization of $62.11 billion, a price-to-earnings ratio of 32.30 and a beta of 0.90. The business’s 50-day moving average price is $64.03 and its two-hundred day moving average price is $70.47.

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

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japanese electronics and electrical equipment manufacturer founded in 1921 and headquartered in Tokyo. It develops products and systems for homes, businesses, factories, transportation networks, and public infrastructure. Its offerings include heating, ventilation and air-conditioning systems; elevators and escalators; factory automation equipment; power and energy systems; and automotive components. The company also makes electronic devices and provides information and communications technologies, including satellite-related systems.