Methode Electronics, Inc. (MEI) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Methode Electronics, Inc. (NYSE:MEI) from a hold rating to a buy rating in a report issued on Wednesday. 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 subject of several other research reports. BidaskClub raised Methode Electronics from a strong sell rating to a sell rating in a report on Saturday, August 26th. FBR & Co reissued a buy rating on shares of Methode Electronics in a report on Thursday, August 31st. Robert W. Baird reissued a buy rating and set a $47.00 price objective on shares of Methode Electronics in a report on Sunday, September 24th. ValuEngine raised Methode Electronics from a hold rating to a buy rating in a report on Saturday, September 30th. Finally, B. Riley reissued a buy rating and set a $49.00 price objective on shares of Methode Electronics in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $48.50.
Shares of Methode Electronics (NYSE:MEI) opened at 46.05 on Wednesday. Methode Electronics has a 1-year low of $29.85 and a 1-year high of $46.40. The stock has a 50 day moving average of $41.89 and a 200-day moving average of $41.10. The firm has a market capitalization of $1.70 billion, a P/E ratio of 18.72 and a beta of 0.76.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.12. Methode Electronics had a return on equity of 18.11% and a net margin of 11.16%. The company had revenue of $201.20 million during the quarter, compared to analyst estimates of $189.40 million. During the same quarter in the previous year, the firm earned $0.57 earnings per share. Methode Electronics’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that Methode Electronics will post $2.58 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, October 12th. Methode Electronics’s dividend payout ratio is currently 14.63%.
A number of institutional investors and hedge funds have recently modified their holdings of MEI. Acrospire Investment Management LLC boosted its stake in Methode Electronics by 22.2% in the second quarter. Acrospire Investment Management LLC now owns 2,751 shares of the electronics maker’s stock worth $113,000 after buying an additional 500 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Methode Electronics in the second quarter worth approximately $122,000. Riverhead Capital Management LLC boosted its stake in Methode Electronics by 87.3% in the second quarter. Riverhead Capital Management LLC now owns 2,996 shares of the electronics maker’s stock worth $123,000 after buying an additional 1,396 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Methode Electronics in the second quarter worth approximately $132,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in Methode Electronics in the first quarter worth approximately $135,000. 89.82% of the stock is owned by institutional investors and hedge funds.
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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