Mitsubishi Electric (OTCMKTS:MIELY) Trading Down 4.1% – Here’s What Happened

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) were down 4.1% during trading on Tuesday . The company traded as low as $70.60 and last traded at $71.96. Approximately 60,493 shares traded hands during trading, a decline of 52% from the average daily volume of 125,198 shares. The stock had previously closed at $75.05.

Analysts Set New Price Targets

Several research firms recently weighed in on MIELY. Zacks Research downgraded shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. UBS Group raised Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Mitsubishi Electric presently has an average rating of “Hold”.

Mitsubishi Electric Price Performance

The firm has a market cap of $76.03 billion, a PE ratio of 67.89 and a beta of 0.75. The stock’s fifty day moving average price is $76.78 and its 200-day moving average price is $70.93.

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.