Mitsubishi Electric Co. (OTCMKTS:MIELY) Short Interest Update

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totaling 25,287 shares, a decline of 46.1% from the July 15th total of 46,928 shares. Based on an average daily volume of 178,117 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the shares of the stock are short sold.

Mitsubishi Electric Trading Down 3.3%

Shares of OTCMKTS MIELY traded down $2.55 on Tuesday, reaching $74.33. 42,586 shares of the company traded hands, compared to its average volume of 116,327. Mitsubishi Electric has a fifty-two week low of $45.49 and a fifty-two week high of $86.00. The company has a 50 day moving average of $71.92 and a 200 day moving average of $72.93. The stock has a market capitalization of $78.54 billion, a PE ratio of 56.74 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY) last released its earnings results on Friday, July 31st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $9.40 billion during the quarter, compared to analysts’ expectations of $8.75 billion.

Analyst Upgrades and Downgrades

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 equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to MarketBeat, Mitsubishi Electric presently has an average rating of “Buy”.

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.