Several other equities analysts have also recently weighed in on the company. TheStreet raised Methode Electronics from a c+ rating to a b rating in a report on Wednesday, September 11th. B. Riley set a $42.00 price target on Methode Electronics and gave the company a buy rating in a report on Friday, August 30th. Finally, Zacks Investment Research raised Methode Electronics from a sell rating to a hold rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Methode Electronics currently has a consensus rating of Hold and an average price target of $40.25.
MEI stock traded up $0.49 during midday trading on Thursday, hitting $33.15. The company’s stock had a trading volume of 217,606 shares, compared to its average volume of 252,125. The company has a market cap of $1.21 billion, a PE ratio of 11.07 and a beta of 1.48. Methode Electronics has a 12 month low of $20.99 and a 12 month high of $37.42. The company has a current ratio of 2.55, a quick ratio of 1.88 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average is $32.86 and its 200-day moving average is $29.26.
Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Thursday, August 29th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. The business had revenue of $270.20 million for the quarter, compared to analysts’ expectations of $268.15 million. Methode Electronics had a return on equity of 16.39% and a net margin of 9.19%. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 EPS. Analysts expect that Methode Electronics will post 3.35 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $0.44 annualized dividend and a dividend yield of 1.33%. Methode Electronics’s payout ratio is 14.86%.
In other news, Director Bruce K. Crowther purchased 900 shares of the stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average cost of $31.58 per share, with a total value of $28,422.00. Following the acquisition, the director now directly owns 3,900 shares of the company’s stock, valued at $123,162. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.40% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new stake in shares of Methode Electronics in the 2nd quarter worth $38,000. Bank of New York Mellon Corp increased its stake in shares of Methode Electronics by 3.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 641,229 shares of the electronics maker’s stock worth $18,319,000 after purchasing an additional 21,356 shares in the last quarter. Clark Capital Management Group Inc. increased its stake in shares of Methode Electronics by 6.2% in the 2nd quarter. Clark Capital Management Group Inc. now owns 23,659 shares of the electronics maker’s stock worth $676,000 after purchasing an additional 1,379 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Methode Electronics by 3.1% in the 2nd quarter. Renaissance Technologies LLC now owns 816,680 shares of the electronics maker’s stock worth $23,333,000 after purchasing an additional 24,880 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of Methode Electronics by 15.7% in the 2nd quarter. Allianz Asset Management GmbH now owns 580,151 shares of the electronics maker’s stock worth $16,575,000 after purchasing an additional 78,611 shares in the last quarter. Hedge funds and other institutional investors own 92.91% of the company’s stock.
Methode Electronics Company Profile
Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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