Zacks Investment Research lowered shares of Methode Electronics (NYSE:MEI) from a buy rating to a hold rating in a report published on Thursday, December 21st.
According to Zacks, “Methode Electronics, Inc. is a global manufacturer of electronic components and subsystems. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, sensing and optical technologies. Methode’s components are found in the primary end-markets of the automotive, appliance, communications, aerospace, rail and other transportation industries, and the consumer and industrial equipment markets. “
Several other research firms have also recently commented on MEI. B. Riley reissued a buy rating and set a $49.00 target price on shares of Methode Electronics in a research report on Tuesday, December 5th. Robert W. Baird reissued a buy rating and set a $46.00 target price on shares of Methode Electronics in a research report on Tuesday, October 17th. ValuEngine raised shares of Methode Electronics from a hold rating to a buy rating in a research report on Saturday, September 30th. FBR & Co reissued a buy rating on shares of Methode Electronics in a research report on Thursday, August 31st. Finally, BidaskClub raised shares of Methode Electronics from a strong sell rating to a sell rating in a report on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $49.50.
Methode Electronics (NYSE MEI) traded up $0.60 during trading on Thursday, hitting $41.90. 193,523 shares of the company’s stock traded hands, compared to its average volume of 188,433. Methode Electronics has a 1 year low of $36.05 and a 1 year high of $48.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.22 and a current ratio of 3.74. The company has a market cap of $1,600.00, a PE ratio of 17.17, a P/E/G ratio of 1.06 and a beta of 0.78.
Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, December 7th. The electronics maker reported $0.64 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.64. Methode Electronics had a net margin of 10.81% and a return on equity of 17.07%. The firm had revenue of $230.10 million for the quarter, compared to analysts’ expectations of $218.03 million. During the same quarter last year, the firm earned $0.66 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. sell-side analysts expect that Methode Electronics will post 2.58 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 12th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, January 11th. This is a boost from Methode Electronics’s previous quarterly dividend of $0.09. Methode Electronics’s payout ratio is 14.75%.
In related news, VP Joseph Elias Khoury sold 21,400 shares of Methode Electronics stock in a transaction that occurred on Friday, December 21st. The shares were sold at an average price of $40.30, for a total value of $862,420.00. Following the sale, the vice president now owns 267,200 shares of the company’s stock, valued at approximately $10,768,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Isabelle C. Goossen sold 2,500 shares of Methode Electronics stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $40.50, for a total transaction of $101,250.00. Following the completion of the sale, the director now directly owns 40,950 shares in the company, valued at approximately $1,658,475. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MEI. Wedge Capital Management L L P NC purchased a new position in Methode Electronics in the 3rd quarter valued at approximately $18,433,000. Formula Growth Ltd. grew its stake in Methode Electronics by 87.1% in the 3rd quarter. Formula Growth Ltd. now owns 280,700 shares of the electronics maker’s stock valued at $11,888,000 after buying an additional 130,700 shares in the last quarter. Heartland Advisors Inc. purchased a new position in Methode Electronics in the 3rd quarter valued at approximately $4,894,000. Ameriprise Financial Inc. grew its stake in Methode Electronics by 33.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 443,393 shares of the electronics maker’s stock valued at $18,268,000 after buying an additional 111,170 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in Methode Electronics by 91.4% in the 3rd quarter. Prudential Financial Inc. now owns 210,706 shares of the electronics maker’s stock valued at $8,924,000 after buying an additional 100,640 shares in the last quarter. Institutional investors and hedge funds own 86.66% of the company’s stock.
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About Methode Electronics
Methode Electronics, Inc (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other.
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