Methode Electronics (NYSE:MEI) Stock Rating Lowered by Wall Street Zen

Methode Electronics (NYSE:MEI) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

Several other equities analysts have also issued reports on MEI. Zacks Research lowered Methode Electronics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research note on Tuesday, April 21st. Sidoti reiterated a “neutral” rating and issued a $17.00 price target on shares of Methode Electronics in a report on Friday, June 26th. Robert W. Baird increased their price objective on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Finally, Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a report on Monday, June 29th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $19.33.

Methode Electronics Trading Up 0.7%

MEI stock traded up $0.10 during midday trading on Friday, hitting $15.75. 690,905 shares of the company’s stock were exchanged, compared to its average volume of 959,103. The stock’s fifty day moving average price is $12.70 and its 200-day moving average price is $9.13. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. The company has a market cap of $558.83 million, a PE ratio of -15.60 and a beta of 1.47. Methode Electronics has a one year low of $4.88 and a one year high of $20.38.

Methode Electronics (NYSE:MEI) last posted its earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. The business had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Research analysts predict that Methode Electronics will post -0.95 earnings per share for the current fiscal year.

Institutional Trading of Methode Electronics

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its holdings in Methode Electronics by 1,027.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 2,815 shares in the last quarter. XTX Topco Ltd bought a new position in Methode Electronics in the second quarter valued at approximately $107,000. Mackenzie Financial Corp acquired a new position in shares of Methode Electronics during the 3rd quarter worth approximately $103,000. Inscription Capital LLC acquired a new position in shares of Methode Electronics during the 4th quarter worth approximately $112,000. Finally, State of Wyoming bought a new stake in shares of Methode Electronics during the 1st quarter worth approximately $93,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Methode Electronics Company Profile

Methode Electronics, Inc is a Chicago-based global manufacturer of custom-engineered electronic and electromechanical components and assemblies. Founded in 1946, Methode specializes in providing solutions that integrate electrical connectors, sensors, switches, human-machine interface devices and power distribution modules. The company’s product portfolio addresses complex application requirements across a broad range of end markets, including automotive, industrial, energy, healthcare and data/telecommunications.

In its automotive segment, Methode develops advanced connector systems, circuit protection devices and thermal management solutions for internal combustion, hybrid and electric vehicles.