Short Interest in Mitsubishi Electric Co. (OTCMKTS:MIELY) Drops By 46.1%

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a significant 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 presently 0.1 days. Approximately 0.0% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Mitsubishi Electric has an average rating of “Buy”.

Mitsubishi Electric Price Performance

Shares of Mitsubishi Electric stock traded down $0.08 during trading hours on Monday, reaching $76.87. The company’s stock had a trading volume of 101,435 shares, compared to its average volume of 116,709. The firm has a 50 day moving average price of $71.82 and a 200-day moving average price of $72.84. The stock has a market cap of $81.22 billion, a P/E ratio of 58.68 and a beta of 0.76. Mitsubishi Electric has a one year low of $45.49 and a one year high of $86.00.

Mitsubishi Electric (OTCMKTS:MIELY) last released its quarterly earnings results 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.

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.