Methode Electronics, Inc. (MEI) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Methode Electronics, Inc. (NYSE:MEI) from a hold rating to a strong-buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $54.00 price objective on the electronics maker’s stock.
According to Zacks, “Methode Electronics, Inc. is a global manufacturer of electronic components and subsystems. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, sensing and optical technologies. Methode’s components are found in the primary end-markets of the automotive, appliance, communications, aerospace, rail and other transportation industries, and the consumer and industrial equipment markets. “
A number of other research analysts also recently issued reports on MEI. FBR & Co reiterated an outperform rating and issued a $49.00 price target on shares of Methode Electronics in a research note on Tuesday, July 18th. BidaskClub downgraded shares of Methode Electronics from a hold rating to a sell rating in a research note on Monday, July 31st. ValuEngine downgraded shares of Methode Electronics from a buy rating to a hold rating in a research note on Thursday, August 24th. Finally, Robert W. Baird reiterated a buy rating and issued a $47.00 price target on shares of Methode Electronics in a research note on Sunday, September 24th. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $49.50.
Methode Electronics (MEI) traded up $0.60 during midday trading on Tuesday, hitting $46.50. 201,100 shares of the stock traded hands, compared to its average volume of 219,865. The company has a current ratio of 4.32, a quick ratio of 3.81 and a debt-to-equity ratio of 0.08. Methode Electronics has a twelve month low of $34.00 and a twelve month high of $47.40. The stock has a market capitalization of $1,691.42, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 1.19 and a beta of 0.80.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.12. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The business had revenue of $201.20 million during the quarter, compared to analyst estimates of $189.40 million. During the same quarter last year, the firm posted $0.57 earnings per share. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. analysts forecast that Methode Electronics will post 2.58 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Friday, October 13th were given a dividend of $0.09 per share. The ex-dividend date was Thursday, October 12th. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. Methode Electronics’s dividend payout ratio is presently 14.63%.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Methode Electronics by 117,664.2% in the 1st quarter. BlackRock Inc. now owns 4,412,625 shares of the electronics maker’s stock valued at $201,216,000 after acquiring an additional 4,408,878 shares during the period. Vanguard Group Inc. increased its holdings in shares of Methode Electronics by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 3,194,454 shares of the electronics maker’s stock valued at $131,612,000 after acquiring an additional 22,852 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Methode Electronics by 4.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,047,880 shares of the electronics maker’s stock valued at $43,173,000 after acquiring an additional 41,580 shares during the period. State Street Corp increased its holdings in shares of Methode Electronics by 1.1% in the 2nd quarter. State Street Corp now owns 916,563 shares of the electronics maker’s stock valued at $37,763,000 after acquiring an additional 9,803 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Methode Electronics by 11.8% in the 2nd quarter. Northern Trust Corp now owns 534,065 shares of the electronics maker’s stock valued at $22,004,000 after acquiring an additional 56,575 shares during the period. 91.06% of the stock is currently owned by institutional investors and hedge funds.
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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