Methode Electronics (NYSE:MEI) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Methode Electronics (NYSE:MEIGet Free Report) issued its quarterly earnings results on Wednesday. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05, FiscalAI reports. Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%.The firm had revenue of $265.40 million for the quarter, compared to analyst estimates of $238.31 million.

Methode Electronics Trading Down 1.3%

Shares of Methode Electronics stock traded down $0.23 during trading hours on Wednesday, hitting $18.09. The company’s stock had a trading volume of 1,327,261 shares, compared to its average volume of 668,812. The stock has a market cap of $641.65 million, a price-to-earnings ratio of -17.91 and a beta of 1.54. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. Methode Electronics has a twelve month low of $4.88 and a twelve month high of $20.38. The firm has a fifty day moving average of $16.11 and a 200-day moving average of $11.34.

Methode Electronics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were given a $0.05 dividend. The ex-dividend date was Friday, July 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.1%. Methode Electronics’s payout ratio is currently -19.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MEI shares. Robert W. Baird upped their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Sidoti reaffirmed a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a research note on Friday, June 26th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Zacks Research upgraded shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Craig Hallum initiated coverage on shares of Methode Electronics in a research note on Tuesday, August 25th. They set a “buy” rating and a $30.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $22.00.

View Our Latest Research Report on Methode Electronics

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its stake 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 valued at $29,000 after acquiring an additional 2,815 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Methode Electronics during the third quarter worth about $103,000. XTX Topco Ltd purchased a new position in shares of Methode Electronics in the second quarter valued at approximately $107,000. Quantbot Technologies LP grew its holdings in shares of Methode Electronics by 92.7% in the third quarter. Quantbot Technologies LP now owns 17,331 shares of the electronics maker’s stock valued at $131,000 after purchasing an additional 8,336 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Methode Electronics during the 1st quarter worth approximately $133,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Methode Electronics Company Profile

(Get Free Report)

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.

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Earnings History for Methode Electronics (NYSE:MEI)

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