Mitsubishi Electric Co. (OTCMKTS:MIELY) Sees Large Decline in Short Interest

Mitsubishi Electric Co. (OTCMKTS:MIELY) saw a large decrease in short interest in September. As of September 15th, there was short interest totaling 40,539 shares, a decrease of 44.1% from the August 31st total of 72,509 shares. Approximately 0.0% of the company’s stock are short sold. Based on an average daily volume of 222,617 shares, the days-to-cover ratio is currently 0.2 days.

Mitsubishi Electric Stock Up 0.5%

MIELY stock traded up $0.33 during mid-day trading on Wednesday, reaching $66.33. 31,180 shares of the company traded hands, compared to its average volume of 112,513. The firm’s 50 day moving average price is $69.30 and its 200 day moving average price is $72.12. The stock has a market cap of $70.08 billion, a price-to-earnings ratio of 50.63 and a beta of 0.76. Mitsubishi Electric has a fifty-two week low of $49.64 and a fifty-two week high of $86.00.

Mitsubishi Electric (OTCMKTS:MIELY) last issued its quarterly earnings data on Friday, July 31st. The company reported $0.67 EPS for the quarter, topping the consensus estimate 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MIELY shares. Zacks Research downgraded Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 28th. Sanford C. Bernstein assumed coverage on Mitsubishi Electric in a research note on Tuesday, September 15th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Mitsubishi Electric has a consensus rating of “Hold”.

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.