Zacks Investment Research upgraded shares of Methode Electronics, Inc. (NYSE:MEI) from a hold rating to a buy rating in a research report report published on Wednesday, October 18th. Zacks Investment Research currently has $50.00 price target on the electronics maker’s stock.
According to Zacks, “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. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile original equipment manufacturers (OEMs). The Interface segment provides a range of copper and fiber-optic interface and interface solutions. The Power Products segment manufactures braided flexible cables, current-carrying laminated bus devices, custom power-product assemblies, such as PowerRail solution, high-current low voltage flexible power cabling systems and powder coated bus bars. The Other segment includes medical devices, inverters and battery systems, and insulated gate bipolar transistor solutions. “
MEI has been the topic of a number of other research reports. Robert W. Baird reissued a buy rating and set a $46.00 price objective on shares of Methode Electronics in a report on Tuesday, October 17th. ValuEngine upgraded Methode Electronics from a hold rating to a buy rating in a research report on Saturday, September 30th. B. Riley restated a buy rating and issued a $49.00 target price on shares of Methode Electronics in a research note on Wednesday, June 28th. FBR & Co reiterated an outperform rating and set a $49.00 price objective on shares of Methode Electronics in a research note on Tuesday, July 18th. Finally, BidaskClub cut Methode Electronics from a hold rating to a sell rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $48.50.
Methode Electronics (NYSE MEI) traded up $0.10 during trading on Wednesday, reaching $46.70. The company’s stock had a trading volume of 256,951 shares, compared to its average volume of 203,449. The stock has a market cap of $1,715.35, a P/E ratio of 18.06, a PEG ratio of 1.21 and a beta of 0.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.32 and a quick ratio of 3.81.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, August 31st. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.12. The firm had revenue of $201.20 million for the quarter, compared to analyst estimates of $189.40 million. Methode Electronics had a return on equity of 18.11% and a net margin of 11.16%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share. sell-side analysts forecast that Methode Electronics will post 2.58 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, October 13th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend was Thursday, October 12th. Methode Electronics’s payout ratio is 14.63%.
A number of hedge funds and other institutional investors have recently made changes to their positions in MEI. Karp Capital Management Corp acquired a new position in shares of Methode Electronics in the first quarter worth $514,000. Parametric Portfolio Associates LLC grew its stake in shares of Methode Electronics by 14.0% in the first quarter. Parametric Portfolio Associates LLC now owns 99,036 shares of the electronics maker’s stock worth $4,516,000 after acquiring an additional 12,170 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Methode Electronics in the first quarter worth $135,000. Victory Capital Management Inc. grew its stake in shares of Methode Electronics by 9.4% during the first quarter. Victory Capital Management Inc. now owns 3,029 shares of the electronics maker’s stock worth $138,000 after purchasing an additional 260 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Methode Electronics by 1.1% during the first quarter. Arizona State Retirement System now owns 19,175 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 200 shares in the last quarter. 91.06% of the stock is currently owned by institutional investors.
About Methode Electronics
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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