Methode Electronics Inc. (MEI) Stock Price Down 5.2%
Shares of Methode Electronics Inc. (NYSE:MEI) dropped 5.2% during mid-day trading on Thursday . The stock traded as low as $33.73 and last traded at $34.75, with a volume of 317,421 shares. The stock had previously closed at $36.65.
MEI has been the topic of several recent research reports. B. Riley reaffirmed a “buy” rating and set a $44.50 price objective on shares of Methode Electronics in a report on Sunday, June 26th. Zacks Investment Research raised Methode Electronics from a “sell” rating to a “hold” rating in a research report on Friday, June 10th. FBR & Co reissued an “outperform” rating and set a $42.00 target price on shares of Methode Electronics in a research report on Friday, June 24th. Finally, Robert W. Baird raised Methode Electronics from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $35.00 to $45.00 in a research report on Friday, June 24th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of C$18.66.
The stock has a market capitalization of $1.25 billion and a price-to-earnings ratio of 15.47. The firm has a 50 day moving average of $35.57 and a 200 day moving average of $30.89.
Methode Electronics (NYSE:MEI) last released its earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.04. The firm earned $191.90 million during the quarter, compared to analysts’ expectations of $203.06 million. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 EPS. On average, equities analysts predict that Methode Electronics Inc. will post $2.30 earnings per share for the current fiscal year.
In other news, VP Timothy Glandon sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of C$34.62, for a total value of C$138,480.00. Following the transaction, the vice president now owns 64,030 shares in the company, valued at C$2,216,718.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Paul G. Shelton sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of C$36.99, for a total value of C$73,980.00. The disclosure for this sale can be found here.
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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