Methode Electronics Inc. (NYSE:MEI) Receives Consensus Recommendation of “Hold” from Brokerages

Methode Electronics Inc. (NYSE:MEI) has been given a consensus rating of “Hold” by the six brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $33.00.

A number of brokerages recently commented on MEI. Robert W. Baird reduced their price target on Methode Electronics from $43.00 to $39.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. ValuEngine raised Methode Electronics from a “strong sell” rating to a “sell” rating in a report on Monday, March 9th. Craig Hallum reduced their target price on Methode Electronics from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, March 6th. B. Riley downgraded Methode Electronics from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $42.00 to $24.00 in a report on Thursday, March 19th. Finally, Zacks Investment Research raised Methode Electronics from a “sell” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, March 11th.

MEI traded down $0.53 on Tuesday, reaching $26.54. The company’s stock had a trading volume of 251,200 shares, compared to its average volume of 222,649. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 8.64 and a beta of 1.45. Methode Electronics has a 1 year low of $21.76 and a 1 year high of $41.70. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.84 and a quick ratio of 2.06. The business’s 50 day moving average is $28.54 and its 200 day moving average is $34.36.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, March 5th. The electronics maker reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.13. The firm had revenue of $285.90 million during the quarter, compared to the consensus estimate of $279.38 million. Methode Electronics had a return on equity of 15.86% and a net margin of 10.74%. Methode Electronics’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. As a group, research analysts forecast that Methode Electronics will post 3.42 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Friday, April 17th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.66%. The ex-dividend date is Thursday, April 16th. Methode Electronics’s dividend payout ratio is currently 14.86%.

In other news, Director Lawrence B. Skatoff sold 1,000 shares of Methode Electronics stock in a transaction on Friday, March 13th. The stock was sold at an average price of $26.47, for a total transaction of $26,470.00. Following the transaction, the director now directly owns 43,350 shares in the company, valued at approximately $1,147,474.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its stake in shares of Methode Electronics by 22.9% during the 1st quarter. State of Alaska Department of Revenue now owns 34,411 shares of the electronics maker’s stock worth $909,000 after acquiring an additional 6,408 shares in the last quarter. Norges Bank acquired a new stake in shares of Methode Electronics in the fourth quarter worth $29,003,000. Geode Capital Management LLC boosted its position in shares of Methode Electronics by 13.2% in the fourth quarter. Geode Capital Management LLC now owns 532,330 shares of the electronics maker’s stock worth $20,947,000 after buying an additional 61,959 shares during the period. Mason Street Advisors LLC boosted its position in shares of Methode Electronics by 2.6% in the fourth quarter. Mason Street Advisors LLC now owns 12,919 shares of the electronics maker’s stock worth $508,000 after buying an additional 325 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of Methode Electronics by 1.4% in the fourth quarter. Alliancebernstein L.P. now owns 55,266 shares of the electronics maker’s stock worth $2,175,000 after buying an additional 771 shares during the period. 94.54% of the stock is owned by institutional investors and hedge funds.

Methode Electronics Company Profile

Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.

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