Methode Electronics (MEI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Methode Electronics (NYSE:MEI) from a buy rating to a hold rating in a research report released on Thursday 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 research firms have also weighed in on MEI. B. Riley restated a buy rating and set a $49.00 target price on shares of Methode Electronics in a report on Tuesday, December 5th. Robert W. Baird restated a buy rating and set a $46.00 target price on shares of Methode Electronics in a report on Tuesday, October 17th. ValuEngine upgraded shares of Methode Electronics from a hold rating to a buy rating in a report on Saturday, September 30th. FBR & Co restated a buy rating on shares of Methode Electronics in a report on Thursday, August 31st. Finally, BidaskClub upgraded shares of Methode Electronics from a strong sell rating to a sell rating in a report on Saturday, August 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $49.50.

Shares of Methode Electronics (MEI) traded down $0.22 during midday trading on Thursday, hitting $40.50. 163,297 shares of the stock traded hands, compared to its average volume of 265,797. Methode Electronics has a one year low of $36.05 and a one year high of $48.44. The stock has a market cap of $1,540.00, a PE ratio of 16.60, a PEG ratio of 1.05 and a beta of 0.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.74 and a quick ratio of 3.22.

Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, December 7th. The electronics maker reported $0.64 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.64. The business had revenue of $230.10 million for the quarter, compared to analyst estimates of $218.03 million. Methode Electronics had a net margin of 10.81% and a return on equity of 17.07%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 EPS. sell-side analysts forecast that Methode Electronics will post 2.58 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, January 12th will be issued a $0.11 dividend. The ex-dividend date is Thursday, January 11th. This represents a $0.44 dividend on an annualized basis and a yield of 1.09%. This is a positive change from Methode Electronics’s previous quarterly dividend of $0.09. Methode Electronics’s payout ratio is currently 14.75%.

In other Methode Electronics news, Director Isabelle C. Goossen sold 2,500 shares of the business’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $40.50, for a total value of $101,250.00. Following the transaction, the director now owns 40,950 shares in the company, valued at approximately $1,658,475. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of MEI. Wedge Capital Management L L P NC acquired a new position in Methode Electronics in the 3rd quarter worth $18,433,000. Formula Growth Ltd. increased its position in shares of Methode Electronics by 87.1% in the 3rd quarter. Formula Growth Ltd. now owns 280,700 shares of the electronics maker’s stock worth $11,888,000 after purchasing an additional 130,700 shares during the last quarter. Heartland Advisors Inc. bought a new stake in shares of Methode Electronics in the 3rd quarter worth about $4,894,000. Ameriprise Financial Inc. increased its position in shares of Methode Electronics by 33.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 443,393 shares of the electronics maker’s stock worth $18,268,000 after purchasing an additional 111,170 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Methode Electronics by 91.4% in the 3rd quarter. Prudential Financial Inc. now owns 210,706 shares of the electronics maker’s stock worth $8,924,000 after purchasing an additional 100,640 shares during the last quarter. Hedge funds and other institutional investors own 89.89% of the company’s stock.

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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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