Methode Electronics Inc. (MEI) Shares Down 5.2%
Methode Electronics Inc. (NYSE:MEI) fell 5.2% 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.
A number of brokerages have weighed in on MEI. Zacks Investment Research downgraded shares of Methode Electronics from a “hold” rating to a “sell” rating in a report on Wednesday. Robert W. Baird reissued an “outperform” rating and issued a $45.00 price target on shares of Methode Electronics in a report on Wednesday. Craig Hallum downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price target for the company. in a report on Friday. B. Riley reissued a “buy” rating and issued a $44.50 price target on shares of Methode Electronics in a report on Friday. Finally, FBR & Co reissued an “outperform” rating and issued a $42.00 price target on shares of Methode Electronics in a report on Friday, June 24th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of C$18.39.
The stock has a market capitalization of $1.30 billion and a P/E ratio of 16.05. The company’s 50 day moving average price is $35.60 and its 200-day moving average price is $30.94.
Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.04. The business earned $191.90 million during the quarter, compared to analyst estimates of $203.06 million. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share. On average, equities research analysts predict that Methode Electronics Inc. will post $2.30 EPS for the current fiscal year.
In related news, CFO Douglas A. Koman sold 26,666 shares of Methode Electronics stock in a transaction dated Friday, July 1st. The stock was sold at an average price of C$34.37, for a total value of C$916,510.42. Following the completion of the sale, the chief financial officer now directly owns 268,782 shares in the company, valued at C$9,238,037.34. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Kill Theodore sold 8,000 shares of Methode Electronics stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of C$32.84, for a total value of C$262,720.00. Following the completion of the sale, the vice president now owns 263,830 shares of the company’s stock, valued at C$8,664,177.20. 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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