Zacks Investment Research upgraded shares of Methode Electronics (NYSE:MEI) from a hold rating to a buy rating in a research note published on Saturday morning. The firm currently has $46.00 target price on the electronics maker’s stock.
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 equities analysts have also recently weighed in on the stock. TheStreet cut shares of Methode Electronics from a b rating to a c+ rating in a research note on Friday, March 2nd. 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. ValuEngine lowered shares of Methode Electronics from a buy rating to a hold rating in a report on Thursday, December 7th. Finally, B. Riley reissued a buy rating and issued a $49.00 target price on shares of Methode Electronics in a report on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $48.75.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Thursday, March 1st. The electronics maker reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.21. Methode Electronics had a net margin of 4.95% and a return on equity of 17.84%. The firm had revenue of $228.00 million for the quarter, compared to analysts’ expectations of $219.90 million. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s quarterly revenue 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 related news, Director Isabelle C. Goossen sold 2,500 shares of the stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph Elias Khoury sold 21,400 shares of the stock in a transaction that occurred 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 completion of 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.
A number of institutional investors have recently added to or reduced their stakes in the stock. Advisor Group Inc. grew its holdings in Methode Electronics by 73.0% during the 4th quarter. Advisor Group Inc. now owns 3,965 shares of the electronics maker’s stock valued at $159,000 after buying an additional 1,673 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Methode Electronics by 30.3% during the 3rd quarter. Victory Capital Management Inc. now owns 4,646 shares of the electronics maker’s stock valued at $197,000 after buying an additional 1,081 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Methode Electronics during the 3rd quarter valued at approximately $201,000. Jump Trading LLC purchased a new stake in Methode Electronics during the 4th quarter valued at approximately $247,000. Finally, Verity Asset Management Inc. purchased a new stake in Methode Electronics during the 4th quarter valued at approximately $268,000. 92.67% of the stock is owned by institutional investors.
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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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