Methode Electronics (NYSE:MEI) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Methode Electronics (NYSE:MEI) from a strong sell rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other brokerages have also weighed in on MEI. Wall Street Zen lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a report on Friday, July 17th. Sidoti reissued a “neutral” rating and issued a $17.00 price objective on shares of Methode Electronics in a research note on Friday, June 26th. Robert W. Baird lifted 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. Finally, Barrington Research upgraded Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a report on Monday, June 29th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.33.

Methode Electronics Stock Up 14.3%

Shares of MEI stock opened at $17.26 on Tuesday. The company has a 50 day simple moving average of $14.47 and a two-hundred day simple moving average of $10.22. The stock has a market cap of $612.14 million, a P/E ratio of -17.09 and a beta of 1.50. Methode Electronics has a 12 month low of $4.88 and a 12 month high of $20.38. 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 (NYSE:MEI) last announced its earnings results 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 return on equity of 5.59% and a negative net margin of 3.50%.The company had revenue of $298.10 million during the quarter, compared to the consensus estimate of $238.46 million. On average, research analysts expect that Methode Electronics will post -0.95 earnings per share for the current year.

Methode Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics’s payout ratio is presently -19.80%.

Hedge Funds Weigh In On Methode Electronics

Large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings 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 buying an additional 2,815 shares in the last quarter. XTX Topco Ltd purchased a new stake in Methode Electronics during the second quarter valued at approximately $107,000. Mackenzie Financial Corp purchased a new stake in Methode Electronics during the third quarter valued at approximately $103,000. Inscription Capital LLC acquired a new stake in Methode Electronics in the fourth quarter valued at approximately $112,000. Finally, State of Wyoming purchased a new position in Methode Electronics in the first quarter worth $93,000. 95.49% of the stock is currently owned by institutional investors.

About Methode Electronics

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.