Mitsubishi Electric (OTCMKTS:MIELY) Sees Large Volume Increase – Still a Buy?

Mitsubishi Electric Co. (OTCMKTS:MIELY) shares saw unusually-strong trading volume on Wednesday. Approximately 90,115 shares were traded during mid-day trading, a decline of 20% from the previous session’s volume of 112,239 shares. The stock last traded at $65.1350 and had previously closed at $64.66.

Wall Street Analysts Forecast Growth

MIELY has been the topic of a number of recent analyst reports. Sanford C. Bernstein initiated coverage on Mitsubishi Electric in a report on Tuesday, September 15th. They set an “outperform” rating on the stock. Zacks Research upgraded Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

Mitsubishi Electric Price Performance

The company’s 50 day simple moving average is $68.80 and its 200 day simple moving average is $71.97. The stock has a market cap of $68.26 billion, a P/E ratio of 49.31 and a beta of 0.81.

Mitsubishi Electric (OTCMKTS:MIELY) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The firm 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 manufacturer of electrical and electronic equipment serving industrial, commercial and consumer markets. Its product portfolio includes air-conditioning and refrigeration systems, factory automation equipment, elevators and escalators, power-generation and transmission systems, railway and automotive equipment, and semiconductors and other electronic components.

The company also develops information and communications systems, satellites and space-related equipment, building systems, and other infrastructure technologies.