Methode Electronics Inc. (MEI) Raised to “Hold” at Zacks Investment Research
Methode Electronics Inc. (NYSE:MEI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “Methode Electronics, Inc. manufactures component devices world-wide for Original Equipment Manufacturers of information processing and networking equipment, voice and data communications systems, consumer electronics, automobiles, aerospace vehicles and industrial equipment. Products employ electrical, electronic and optical technologies as sensors, interconnections and controls. The company manufactures bus systems and provides independent laboratory services for qualification testing and certification of electronic and optical components. “
MEI has been the subject of a number of other reports. Craig Hallum lowered Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 target price for the company. in a research note on Friday, September 2nd. Robert W. Baird reiterated an “outperform” rating and issued a $45.00 price objective on shares of Methode Electronics in a research report on Wednesday, August 31st. Finally, B. Riley reiterated a “buy” rating and issued a $46.50 price objective on shares of Methode Electronics in a research report on Saturday, October 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Methode Electronics has a consensus rating of “Hold” and an average price target of C$22.71.
Shares of Methode Electronics (NYSE:MEI) opened at 36.75 on Friday. Methode Electronics has a 1-year low of $23.83 and a 1-year high of $37.25. The firm’s 50-day moving average is $33.69 and its 200-day moving average is $33.05. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of 16.95 and a beta of 0.98.
Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, beating the Zacks’ 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 company earned $191.90 million during the quarter, compared to analyst estimates of $203.06 million. During the same period last year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, analysts predict that Methode Electronics will post $2.28 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 14th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, October 12th. This represents a $0.36 annualized dividend and a dividend yield of 0.98%. Methode Electronics’s payout ratio is currently 16.67%.
In other news, Director Isabelle C. Goossen sold 3,000 shares of Methode Electronics stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of C$35.75, for a total transaction of C$107,250.00. Following the transaction, the director now owns 41,000 shares in the company, valued at approximately C$1,465,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul G. Shelton sold 2,000 shares of Methode Electronics stock in a transaction dated Wednesday, August 24th. The shares were 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. Insiders own 5.80% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in MEI. BlackRock Advisors LLC boosted its position in Methode Electronics by 0.6% in the second quarter. BlackRock Advisors LLC now owns 17,608 shares of the company’s stock valued at $603,000 after buying an additional 101 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in Methode Electronics by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,190 shares of the company’s stock valued at $286,000 after buying an additional 130 shares during the period. PineBridge Investments L.P. boosted its position in Methode Electronics by 3.5% in the second quarter. PineBridge Investments L.P. now owns 4,681 shares of the company’s stock valued at $160,000 after buying an additional 159 shares during the period. Alpha Omega Wealth Management LLC boosted its position in Methode Electronics by 0.3% in the second quarter. Alpha Omega Wealth Management LLC now owns 74,816 shares of the company’s stock valued at $2,561,000 after buying an additional 191 shares during the period. Finally, Arizona State Retirement System boosted its position in Methode Electronics by 1.1% in the second quarter. Arizona State Retirement System now owns 19,175 shares of the company’s stock valued at $656,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 91.54% of the company’s stock.
Methode Electronics Company Profile
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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