Zacks Investment Research Upgrades Methode Electronics, Inc. (MEI) to Strong-Buy
Methode Electronics, Inc. (NYSE:MEI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $54.00 target price on the electronics maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.63% from the company’s previous close.
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 firms have also commented on MEI. Robert W. Baird reiterated a “buy” rating and set a $46.00 price objective on shares of Methode Electronics in a research note on Tuesday, October 17th. ValuEngine upgraded shares of Methode Electronics from a “hold” rating to a “buy” rating in a research note on Saturday, September 30th. FBR & Co restated an “outperform” rating and set a $49.00 price target on shares of Methode Electronics in a research note on Tuesday, July 18th. Finally, BidaskClub lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $49.50.
Methode Electronics (NYSE MEI) opened at $46.70 on Tuesday. The company has a current ratio of 4.32, a quick ratio of 3.81 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1,715.35, a P/E ratio of 18.06, a P/E/G ratio of 1.21 and a beta of 0.80.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.48 by $0.12. The firm had revenue of $201.20 million during the quarter, compared to analyst estimates of $189.40 million. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. Methode Electronics’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 EPS. equities analysts expect that Methode Electronics will post 2.58 earnings per share for the current year.
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Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Methode Electronics by 117,664.2% in the first quarter. BlackRock Inc. now owns 4,412,625 shares of the electronics maker’s stock worth $201,216,000 after acquiring an additional 4,408,878 shares during the period. Vanguard Group Inc. increased its stake in shares of Methode Electronics by 0.7% in the second quarter. Vanguard Group Inc. now owns 3,194,454 shares of the electronics maker’s stock worth $131,612,000 after acquiring an additional 22,852 shares during the period. Renaissance Technologies LLC increased its stake in shares of Methode Electronics by 4.1% in the second quarter. Renaissance Technologies LLC now owns 1,047,880 shares of the electronics maker’s stock worth $43,173,000 after acquiring an additional 41,580 shares during the period. State Street Corp increased its stake in shares of Methode Electronics by 1.1% in the second quarter. State Street Corp now owns 916,563 shares of the electronics maker’s stock worth $37,763,000 after acquiring an additional 9,803 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Methode Electronics by 11.8% in the second quarter. Northern Trust Corp now owns 534,065 shares of the electronics maker’s stock worth $22,004,000 after acquiring an additional 56,575 shares during the period. Hedge funds and other institutional investors own 91.06% of the company’s stock.
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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