Zacks Investment Research downgraded shares of Methode Electronics (NYSE:MEI) from a buy rating to a hold rating in a research note issued to investors on Tuesday 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. “
A number of other equities research analysts have also weighed in on the stock. ValuEngine lowered shares of Methode Electronics from a buy rating to a hold rating in a report on Thursday, December 7th. B. Riley reiterated a buy rating and set a $49.00 price objective on shares of Methode Electronics in a report on Tuesday, December 5th. Finally, Robert W. Baird reiterated an outperform rating and set a $51.00 price objective (up previously from $48.00) on shares of Methode Electronics in a report on Friday, March 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $48.75.
Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Thursday, March 1st. The electronics maker reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.21. Methode Electronics had a net margin of 4.95% and a return on equity of 17.84%. The company had revenue of $228.00 million during the quarter, compared to analyst estimates of $219.90 million. During the same quarter last year, the business posted $0.63 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. research analysts expect that Methode Electronics will post 2.8 earnings per share for the current fiscal year.
In other Methode Electronics news, Director Isabelle C. Goossen sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $40.50, for a total transaction of $101,250.00. Following the transaction, the director now owns 40,950 shares of the company’s stock, valued at approximately $1,658,475. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joseph Elias Khoury sold 21,400 shares of the firm’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $40.30, for a total transaction of $862,420.00. Following the transaction, the vice president now directly owns 267,200 shares in the company, valued at approximately $10,768,160. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. purchased a new position in Methode Electronics during the 3rd quarter valued at about $287,000. Royce & Associates LP increased its position in Methode Electronics by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,230,099 shares of the electronics maker’s stock valued at $52,095,000 after purchasing an additional 17,443 shares during the period. First National Bank of Omaha increased its position in Methode Electronics by 6.2% during the 4th quarter. First National Bank of Omaha now owns 75,065 shares of the electronics maker’s stock valued at $2,804,000 after purchasing an additional 4,360 shares during the period. Bessemer Group Inc. purchased a new position in Methode Electronics during the 4th quarter valued at about $1,343,000. Finally, California Public Employees Retirement System increased its position in Methode Electronics by 6.2% during the 3rd quarter. California Public Employees Retirement System now owns 83,193 shares of the electronics maker’s stock valued at $3,523,000 after purchasing an additional 4,893 shares during the period. 90.12% of the stock is currently owned by institutional investors and hedge funds.
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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