Methode Electronics (NYSE:MEI) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Methode Electronics (NYSE:MEI) from a buy rating to a hold rating in a research note published on Sunday morning.

Several other brokerages have also recently issued reports on MEI. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Monday, June 29th. Robert W. Baird upped their target price on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Zacks Research lowered Methode Electronics from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Finally, Sidoti restated a “neutral” rating and issued a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $19.33.

Methode Electronics Price Performance

Shares of NYSE MEI opened at $13.94 on Friday. The firm has a market cap of $494.35 million, a P/E ratio of -13.80 and a beta of 1.50. The business’s 50 day moving average is $14.23 and its 200-day moving average is $10.04. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48. Methode Electronics has a 1-year low of $4.88 and a 1-year high of $20.38.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. The firm had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Equities research analysts predict that Methode Electronics will post -0.95 earnings per share for the current year.

Methode Electronics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics’s dividend payout ratio is currently -19.80%.

Hedge Funds Weigh In On Methode Electronics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of Methode Electronics by 1,027.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 2,815 shares in the last quarter. State of Wyoming bought a new stake in shares of Methode Electronics during the 1st quarter valued at about $93,000. Mackenzie Financial Corp bought a new stake in shares of Methode Electronics during the 3rd quarter valued at about $103,000. XTX Topco Ltd acquired a new stake in Methode Electronics during the second quarter worth approximately $107,000. Finally, Inscription Capital LLC acquired a new stake in Methode Electronics during the fourth quarter worth approximately $112,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Methode Electronics Company Profile

Methode Electronics, Inc is a Chicago-based global manufacturer of custom-engineered electronic and electromechanical components and assemblies. Founded in 1946, Methode specializes in providing solutions that integrate electrical connectors, sensors, switches, human-machine interface devices and power distribution modules. The company’s product portfolio addresses complex application requirements across a broad range of end markets, including automotive, industrial, energy, healthcare and data/telecommunications.

In its automotive segment, Methode develops advanced connector systems, circuit protection devices and thermal management solutions for internal combustion, hybrid and electric vehicles.