Mitsubishi Electric (OTCMKTS:MIELY) Reaches New 52-Week High - Here's Why

Key Points

• Mitsubishi Electric (OTCMKTS:MIELY) hit a new 52-week high
• Analyst sentiment has improved recently — Zacks upgraded the stock to a strong-buy and UBS raised its view to a hold; overall there is one Strong Buy and two Hold ratings, giving a MarketBeat average of "Moderate Buy".
• The company has a market cap of $90.76 billion and a high trailing PE of 81.04, while its 50-day SMA ($71.13) sits above the 200-day SMA ($63.45), signaling a technical uptrend.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $81.86 and last traded at $81.5072, with a volume of 43597 shares trading hands. The stock had previously closed at $75.8150.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Mitsubishi Electric from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. UBS Group upgraded shares of Mitsubishi Electric from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Mitsubishi Electric has an average rating of "Moderate Buy".

Mitsubishi Electric Stock Up 13.3%

The firm has a market cap of $90.76 billion, a PE ratio of 81.04 and a beta of 0.58. The firm's fifty day simple moving average is $71.13 and its two-hundred day simple moving average is $63.45.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.