Methode Electronics (NYSE:MEI) Cut to Strong Sell at Zacks Research

Methode Electronics (NYSE:MEI) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also commented on MEI. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research note on Monday. Sidoti reissued a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a research report on Friday, June 26th. Robert W. Baird boosted their price objective 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. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Methode Electronics has a consensus rating of “Reduce” and an average price target of $19.33.

Methode Electronics Stock Down 3.4%

Shares of NYSE MEI opened at $18.32 on Tuesday. The company has a market capitalization of $649.11 million, a P/E ratio of -18.14 and a beta of 1.59. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The company has a 50 day simple moving average of $11.63 and a 200-day simple moving average of $8.72. Methode Electronics has a 1 year low of $4.88 and a 1 year high of $20.38.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. On average, equities research analysts predict that Methode Electronics will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On Methode Electronics

A number of institutional investors have recently modified their holdings of MEI. EverSource Wealth Advisors LLC lifted its stake in Methode Electronics by 1,027.4% during the 2nd 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 purchased a new position in Methode Electronics during the 2nd quarter valued at about $107,000. Mackenzie Financial Corp acquired a new position in Methode Electronics in the 3rd quarter valued at about $103,000. Inscription Capital LLC acquired a new position in Methode Electronics in the 4th quarter valued at about $112,000. Finally, State of Wyoming purchased a new stake in Methode Electronics during the first quarter worth about $93,000. 95.49% of the stock is owned by institutional investors and hedge funds.

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.