Mitsubishi Electric (OTCMKTS:MIELY) Trading Down 5.9% – Here’s What Happened

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s stock price dropped 5.9% during trading on Thursday . The stock traded as low as $70.00 and last traded at $70.00. 802 shares were traded during trading, a decline of 99% from the average session volume of 116,199 shares. The stock had previously closed at $74.42.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Mitsubishi Electric has a consensus rating of “Buy”.

Mitsubishi Electric Price Performance

The stock has a market capitalization of $74.79 billion, a P/E ratio of 54.03 and a beta of 0.76. The stock’s fifty day moving average price is $72.04 and its 200 day moving average price is $73.08.

Mitsubishi Electric (OTCMKTS:MIELY) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.67 earnings per share for the quarter, beating 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 (OTCMKTS: MIELY) is a Tokyo-based multinational manufacturer of electrical and electronic equipment. Founded in 1921, the company is part of the broader Mitsubishi Group and has grown into a diversified industrial enterprise serving commercial, industrial and consumer markets. Mitsubishi Electric develops, manufactures and sells a wide range of products and systems used in building systems, factory automation, power generation and distribution, transportation, and information and communication infrastructure.

The company’s product and service portfolio includes air-conditioning and heating systems, elevators and escalators, factory automation and control equipment, power and electric systems, transportation systems and signaling for railways, and semiconductors and electronic devices.