Wall Street Zen Downgrades Methode Electronics (NYSE:MEI) to Hold

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

Other research analysts also recently issued research reports about the company. Sidoti reissued a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a research note on Friday, June 26th. Zacks Research downgraded shares of Methode Electronics from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Robert W. Baird lifted their price target on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Finally, Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Monday, June 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $19.33.

Methode Electronics Trading Up 0.7%

Shares of MEI opened at $14.09 on Friday. Methode Electronics has a 52-week low of $4.88 and a 52-week high of $20.38. The business’s fifty day moving average is $14.29 and its 200-day moving average is $10.09. 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 firm has a market cap of $499.77 million, a price-to-earnings ratio of -13.95 and a beta of 1.50.

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

Hedge Funds Weigh In On Methode Electronics

A number of hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in Methode Electronics by 1,027.4% in the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 2,815 shares during the period. State of Wyoming acquired a new position in Methode Electronics during the 1st quarter worth about $93,000. Mackenzie Financial Corp acquired a new position in Methode Electronics during the 3rd quarter worth about $103,000. XTX Topco Ltd bought a new stake in shares of Methode Electronics in the 2nd quarter valued at about $107,000. Finally, Inscription Capital LLC bought a new stake in shares of Methode Electronics in the 4th quarter valued at about $112,000. 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.