Methode Electronics (MEI) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Methode Electronics (NYSE:MEI) from a hold rating to a buy rating in a research report sent to investors on Friday morning. They currently have $44.00 price objective 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. “
Other analysts also recently issued reports about the company. 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. ValuEngine downgraded Methode Electronics from a buy rating to a hold rating in a report on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Methode Electronics currently has a consensus rating of Buy and a consensus target price of $48.25.
Methode Electronics (NYSE:MEI) last posted its earnings results 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. Methode Electronics had a return on equity of 17.84% and a net margin of 4.95%. The business had revenue of $228.00 million during the quarter, compared to the consensus estimate of $219.90 million. During the same period in the previous year, the business earned $0.63 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. analysts anticipate 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 company’s stock in a transaction that occurred on Wednesday, December 20th. The stock was 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 document filed with the SEC, which can be accessed through this hyperlink. Also, VP Joseph Elias Khoury sold 21,400 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $40.30, for a total value 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. 4.40% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Inc. raised its stake 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 acquiring an additional 1,673 shares during the last quarter. Victory Capital Management Inc. raised its stake 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 acquiring an additional 1,081 shares during 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. 90.12% of the stock is owned by hedge funds and other institutional investors.
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Methode Electronics Company Profile
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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