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

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Zacks Investment Research upgraded shares of Methode Electronics (NYSE:MEI) from a sell rating to a hold rating in a research report report published on Thursday, Zacks.com reports.

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. “

Separately, Craig Hallum raised shares of Methode Electronics from a hold rating to a buy rating and increased their target price for the stock from $25.00 to $42.00 in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $40.25.

NYSE MEI traded up $0.14 on Thursday, hitting $26.10. 408 shares of the company were exchanged, compared to its average volume of 239,635. The firm has a market cap of $1.01 billion, a PE ratio of 8.65 and a beta of 1.43. Methode Electronics has a 12 month low of $20.99 and a 12 month high of $45.45. The company has a quick ratio of 1.83, a current ratio of 2.53 and a debt-to-equity ratio of 0.43.

Methode Electronics (NYSE:MEI) last issued its earnings results on Thursday, March 7th. The electronics maker reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.23. The business had revenue of $246.90 million for the quarter, compared to analyst estimates of $259.29 million. Methode Electronics had a net margin of 10.76% and a return on equity of 18.64%. Methode Electronics’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. On average, equities analysts predict that Methode Electronics will post 2.89 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.69%. The ex-dividend date was Thursday, April 11th. Methode Electronics’s dividend payout ratio is presently 14.67%.

In related news, CAO Amit N. Patel bought 1,021 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The shares were acquired at an average cost of $27.54 per share, with a total value of $28,118.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.40% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEI. Nordea Investment Management AB increased its position in shares of Methode Electronics by 25.6% during the 1st quarter. Nordea Investment Management AB now owns 172,800 shares of the electronics maker’s stock valued at $4,974,000 after purchasing an additional 35,200 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of Methode Electronics by 80.2% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 212,967 shares of the electronics maker’s stock worth $6,129,000 after buying an additional 94,810 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. grew its position in shares of Methode Electronics by 53.0% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,457 shares of the electronics maker’s stock worth $42,000 after buying an additional 505 shares in the last quarter. Morgan Stanley grew its position in shares of Methode Electronics by 12.9% during the 1st quarter. Morgan Stanley now owns 183,020 shares of the electronics maker’s stock worth $5,267,000 after buying an additional 20,864 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY grew its position in shares of Methode Electronics by 138.3% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 28,715 shares of the electronics maker’s stock worth $828,000 after buying an additional 16,664 shares in the last quarter. Hedge funds and other institutional investors own 92.77% 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.

Further Reading: Capital Gains

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