Methode Electronics Inc. (NYSE:MEI) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Methode Electronics Inc. (NYSE:MEI) have earned a consensus rating of “Hold” from the nine analysts that are covering the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is C$21.29.
Several brokerages have recently issued reports on MEI. B. Riley reaffirmed a “buy” rating and set a $44.50 price target on shares of Methode Electronics in a research note on Wednesday, September 7th. Robert W. Baird reaffirmed an “outperform” rating and set a $46.00 price target (up previously from $45.00) on shares of Methode Electronics in a research note on Tuesday, September 6th. Zacks Investment Research raised Methode Electronics from a “sell” rating to a “hold” rating in a research note on Tuesday, September 6th. Craig Hallum lowered Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price target on the stock. in a research note on Friday, September 2nd. Finally, FBR & Co reaffirmed an “outperform” rating and set a $42.00 price target on shares of Methode Electronics in a research note on Friday, June 24th.
Shares of Methode Electronics (NYSE:MEI) traded up 0.74% during midday trading on Tuesday, reaching $35.54. The company’s stock had a trading volume of 65,026 shares. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 16.39 and a beta of 1.14. The stock has a 50-day moving average of $35.50 and a 200 day moving average of $32.02. Methode Electronics has a 12 month low of $23.83 and a 12 month high of $37.25.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.04. Methode Electronics had a return on equity of 17.70% and a net margin of 10.31%. The business had revenue of $191.90 million for the quarter, compared to analyst estimates of $203.06 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, analysts predict that Methode Electronics will post $2.30 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be issued a $0.09 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.02%. Methode Electronics’s dividend payout ratio (DPR) is currently 16.67%.
In other Methode Electronics news, Director Isabelle C. Goossen sold 3,000 shares of the stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of C$35.75, for a total value of C$107,250.00. Following the completion of the sale, the director now directly owns 41,000 shares in the company, valued at C$1,465,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul G. Shelton sold 2,000 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of C$36.99, for a total value of C$73,980.00. The disclosure for this sale can be found here. 5.80% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in MEI. Glenmede Trust Co. NA boosted its position in Methode Electronics by 1,880.0% in the second quarter. Glenmede Trust Co. NA now owns 839,378 shares of the company’s stock valued at $28,731,000 after buying an additional 796,985 shares in the last quarter. Penn Capital Management Co. Inc. boosted its position in Methode Electronics by 205.7% in the second quarter. Penn Capital Management Co. Inc. now owns 768,154 shares of the company’s stock valued at $26,330,000 after buying an additional 516,876 shares in the last quarter. Norges Bank purchased a new position in Methode Electronics during the fourth quarter valued at $11,873,000. Emerald Acquisition Ltd. purchased a new position in Methode Electronics during the second quarter valued at $11,261,000. Finally, Royce & Associates LP boosted its position in Methode Electronics by 37.3% in the first quarter. Royce & Associates LP now owns 965,606 shares of the company’s stock valued at $28,234,000 after buying an additional 262,150 shares in the last quarter. Institutional investors own 92.09% of the company’s stock.
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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