Zacks Investment Research cut shares of Methode Electronics (NYSE:MEI) from a buy rating to a hold rating in a report issued on Tuesday.
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 analysts have also weighed in on MEI. Robert W. Baird reiterated an outperform rating and issued a $51.00 price objective (up previously from $48.00) on shares of Methode Electronics in a research note on Friday, March 2nd. TheStreet lowered shares of Methode Electronics from a b rating to a c+ rating in a research note on Friday, March 2nd. B. Riley reiterated a buy rating and issued a $49.00 price objective on shares of Methode Electronics in a research note on Tuesday, December 5th. Finally, ValuEngine lowered shares of Methode Electronics from a buy rating to a hold rating in a research note on Thursday, December 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Methode Electronics has an average rating of Hold and a consensus target price of $48.75.
Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Thursday, March 1st. The electronics maker reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.21. The firm had revenue of $228.00 million for the quarter, compared to analyst estimates of $219.90 million. Methode Electronics had a net margin of 4.95% and a return on equity of 17.84%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 EPS. equities research analysts expect that Methode Electronics will post 2.8 earnings per share for the current year.
In related news, Director Isabelle C. Goossen sold 2,500 shares of the company’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $40.50, for a total transaction of $101,250.00. Following the completion of the sale, the director now directly 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 SEC, which is available through this link. Also, VP Joseph Elias Khoury sold 21,400 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $40.30, for a total transaction of $862,420.00. Following the sale, the vice president now directly owns 267,200 shares of the company’s stock, valued at $10,768,160. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in shares of Methode Electronics by 2.9% during the 4th quarter. BlackRock Inc. now owns 4,570,332 shares of the electronics maker’s stock worth $183,270,000 after buying an additional 129,746 shares during the period. Westwood Holdings Group Inc. boosted its holdings in shares of Methode Electronics by 227.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 1,364,275 shares of the electronics maker’s stock worth $54,707,000 after buying an additional 947,502 shares during the period. Royce & Associates LP boosted its holdings in shares of Methode Electronics by 1.4% during the 3rd quarter. Royce & Associates LP now owns 1,230,099 shares of the electronics maker’s stock worth $52,095,000 after buying an additional 17,443 shares during the period. Clearbridge LLC boosted its holdings in shares of Methode Electronics by 10.0% during the 4th quarter. Clearbridge LLC now owns 537,255 shares of the electronics maker’s stock worth $21,544,000 after buying an additional 48,870 shares during the period. Finally, Wedge Capital Management L L P NC boosted its holdings in Methode Electronics by 3.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 450,174 shares of the electronics maker’s stock valued at $18,052,000 after purchasing an additional 14,925 shares during the period. 92.67% of the stock is owned by institutional investors and hedge funds.
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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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