Methode Electronics, Inc. (MEI) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Methode Electronics, Inc. (NYSE:MEI) from a buy rating to a hold rating in a research report report published on Wednesday morning.

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. “

Several other analysts also recently weighed in on the company. Robert W. Baird reiterated a buy rating and set a $46.00 target price on shares of Methode Electronics in a research report on Tuesday, October 17th. ValuEngine upgraded Methode Electronics from a hold rating to a buy rating in a research report on Saturday, September 30th. FBR & Co reiterated a buy rating on shares of Methode Electronics in a research report on Thursday, August 31st. Finally, BidaskClub upgraded Methode Electronics from a strong sell rating to a sell rating in a research report on Saturday, August 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $48.50.

Shares of Methode Electronics (NYSE MEI) opened at $46.60 on Wednesday. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 1.21 and a beta of 0.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.32 and a quick ratio of 3.81.

Methode Electronics (NYSE:MEI) last released its earnings results on Thursday, August 31st. The electronics maker reported $0.60 earnings per share for the quarter, topping the 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 business had revenue of $201.20 million during the quarter, compared to the consensus estimate of $189.40 million. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. analysts predict that Methode Electronics will post 2.58 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, October 13th were issued a $0.09 dividend. 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 payout ratio is currently 14.63%.

Hedge funds have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC raised its holdings in shares of Methode Electronics by 22.2% in the second quarter. Acrospire Investment Management LLC now owns 2,751 shares of the electronics maker’s stock valued at $113,000 after acquiring an additional 500 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Methode Electronics in the second quarter valued at about $122,000. Riverhead Capital Management LLC raised its holdings in shares of Methode Electronics by 87.3% in the second quarter. Riverhead Capital Management LLC now owns 2,996 shares of the electronics maker’s stock valued at $123,000 after acquiring an additional 1,396 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Methode Electronics by 9.4% in the first quarter. Victory Capital Management Inc. now owns 3,029 shares of the electronics maker’s stock valued at $138,000 after acquiring an additional 260 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Methode Electronics in the second quarter valued at about $132,000. Hedge funds and other institutional investors own 89.61% of the company’s stock.

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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