Methode Electronics Inc. (NYSE:MEI) Receives C$21.29 Consensus Target Price from Analysts
Methode Electronics Inc. (NYSE:MEI) has been given an average recommendation of “Hold” by the nine analysts that are covering the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is C$21.29.
Several research firms have recently weighed in on MEI. Zacks Investment Research cut shares of Methode Electronics from a “hold” rating to a “sell” rating in a research note on Wednesday, June 22nd. Robert W. Baird raised shares of Methode Electronics from a “neutral” rating to an “outperform” rating and increased their price target for the company from $35.00 to $45.00 in a research note on Friday, June 24th. B. Riley reissued a “buy” rating and issued a $44.50 price target on shares of Methode Electronics in a research note on Tuesday, June 21st. FBR & Co reissued an “outperform” rating and issued a $42.00 price target on shares of Methode Electronics in a research note on Friday, June 24th. Finally, Craig Hallum cut shares of Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price objective for the company. in a research report on Friday, September 2nd.
In other news, Director Lawrence B. Skatoff sold 3,000 shares of the firm’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of C$35.00, for a total value of C$105,000.00. Following the sale, the director now directly owns 40,850 shares in the company, valued at approximately C$1,429,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Timothy Glandon sold 39,183 shares of the firm’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of C$35.02, for a total transaction of C$1,372,188.66. Following the completion of the sale, the vice president now owns 40,205 shares in the company, valued at C$1,407,979.10. The disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of Methode Electronics by 9.3% in the first quarter. Royal Bank of Canada now owns 26,257 shares of the company’s stock worth $768,000 after buying an additional 2,227 shares during the last quarter. Barclays PLC raised its stake in shares of Methode Electronics by 72.8% in the first quarter. Barclays PLC now owns 24,178 shares of the company’s stock worth $702,000 after buying an additional 10,184 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Methode Electronics by 18.5% in the first quarter. Silvercrest Asset Management Group LLC now owns 857,797 shares of the company’s stock worth $25,082,000 after buying an additional 133,780 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Methode Electronics by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 332,892 shares of the company’s stock worth $9,734,000 after buying an additional 45,826 shares during the last quarter. Finally, Royce & Associates LP raised its stake in shares of Methode Electronics by 37.3% in the first quarter. Royce & Associates LP now owns 965,606 shares of the company’s stock worth $28,234,000 after buying an additional 262,150 shares during the last quarter. Institutional investors and hedge funds own 92.09% of the company’s stock.
Shares of Methode Electronics (NYSE:MEI) opened at 35.85 on Tuesday. The company has a 50 day moving average price of $35.46 and a 200 day moving average price of $32.12. The stock has a market cap of $1.32 billion, a P/E ratio of 16.54 and a beta of 1.13. Methode Electronics has a 1-year low of $23.83 and a 1-year high of $37.25.
Methode Electronics (NYSE:MEI) last posted its quarterly 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. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. The business earned $191.90 million during the quarter, compared to analysts’ expectations of $203.06 million. During the same quarter in the prior year, the company posted $0.60 EPS. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, equities analysts anticipate that Methode Electronics will post $2.30 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.00%. Methode Electronics’s dividend payout ratio (DPR) is presently 16.67%.
Methode Electronics Company Profile
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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