Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Up on Better-Than-Expected Earnings

Mitsubishi Electric Co. (OTCMKTS:MIELY) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $62.87, but opened at $72.8999. Mitsubishi Electric shares last traded at $71.99, with a volume of 9,382 shares changing hands.

The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Mitsubishi Electric presently has a consensus rating of “Moderate Buy”.

Mitsubishi Electric Stock Up 6.6%

The company has a 50-day moving average price of $72.84 and a two-hundred day moving average price of $72.02. The stock has a market capitalization of $76.13 billion, a P/E ratio of 67.97 and a beta of 0.75.

Mitsubishi Electric Company Profile

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.