Methode Electronics (NYSE:MEI) Issues FY 2023 Earnings Guidance

Methode Electronics (NYSE:MEIGet Rating) updated its FY 2023 earnings guidance on Thursday. The company provided EPS guidance of $2.70-$3.10 for the period, compared to the consensus EPS estimate of $2.82. The company issued revenue guidance of $1.16 billion-$1.21 billion, compared to the consensus revenue estimate of $1.18 billion.

Wall Street Analyst Weigh In

MEI has been the topic of a number of research analyst reports. StockNews.com raised Methode Electronics from a hold rating to a buy rating in a research note on Friday. Robert W. Baird lowered their price target on Methode Electronics from $46.00 to $42.00 and set a neutral rating on the stock in a research note on Wednesday, June 15th.

Methode Electronics Stock Performance

NYSE MEI opened at $37.35 on Friday. The stock’s fifty day moving average is $40.02 and its two-hundred day moving average is $41.46. The firm has a market capitalization of $1.37 billion, a P/E ratio of 14.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.38 and a current ratio of 3.26. Methode Electronics has a fifty-two week low of $33.91 and a fifty-two week high of $49.94.

Methode Electronics (NYSE:MEIGet Rating) last announced its quarterly earnings results on Thursday, June 23rd. The electronics maker reported $0.43 EPS for the quarter, meeting the consensus estimate of $0.43. Methode Electronics had a return on equity of 10.39% and a net margin of 8.17%. The business had revenue of $288.70 million for the quarter, compared to analyst estimates of $289.10 million. On average, research analysts anticipate that Methode Electronics will post 2.9 earnings per share for the current year.

Methode Electronics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, October 13th. Methode Electronics’s dividend payout ratio (DPR) is presently 22.31%.

Insider Activity

In related news, COO Joseph Elias Khoury sold 8,000 shares of the business’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $38.55, for a total value of $308,400.00. Following the sale, the chief operating officer now owns 396,420 shares in the company, valued at approximately $15,281,991. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Methode Electronics

Several large investors have recently bought and sold shares of MEI. Captrust Financial Advisors boosted its position in shares of Methode Electronics by 9.7% in the 2nd quarter. Captrust Financial Advisors now owns 4,195 shares of the electronics maker’s stock valued at $155,000 after purchasing an additional 371 shares during the period. Goldman Sachs Group Inc. lifted its position in Methode Electronics by 9.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 82,908 shares of the electronics maker’s stock worth $3,071,000 after acquiring an additional 6,850 shares during the period. Thrivent Financial for Lutherans lifted its position in Methode Electronics by 19.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 36,282 shares of the electronics maker’s stock worth $1,344,000 after acquiring an additional 5,942 shares during the period. State Street Corp raised its stake in shares of Methode Electronics by 1.4% during the 2nd quarter. State Street Corp now owns 1,364,306 shares of the electronics maker’s stock worth $50,534,000 after buying an additional 18,277 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Methode Electronics during the 2nd quarter worth approximately $99,000. Hedge funds and other institutional investors own 94.03% of the company’s stock.

Methode Electronics Company Profile

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Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.

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Earnings History and Estimates for Methode Electronics (NYSE:MEI)

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