Methode Electronics (NYSE:MEI) Announces Quarterly Earnings Results

Methode Electronics (NYSE:MEI) released its earnings results on Thursday. The electronics maker reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.11), FiscalAI reports. Methode Electronics had a negative return on equity of 7.10% and a negative net margin of 6.39%.The firm had revenue of $233.70 million during the quarter, compared to analysts’ expectations of $219.44 million.

Methode Electronics Price Performance

Shares of MEI traded down $0.81 during trading hours on Thursday, reaching $7.57. 371,237 shares of the company’s stock traded hands, compared to its average volume of 348,056. Methode Electronics has a 12 month low of $5.08 and a 12 month high of $10.77. The company has a current ratio of 2.55, a quick ratio of 1.68 and a debt-to-equity ratio of 0.49. The stock has a market cap of $268.04 million, a PE ratio of -4.25 and a beta of 1.06. The firm’s 50 day simple moving average is $7.91 and its 200-day simple moving average is $7.51.

Methode Electronics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 16th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, January 16th. This represents a $0.20 annualized dividend and a dividend yield of 2.6%. Methode Electronics’s dividend payout ratio (DPR) is presently -11.24%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MEI. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research report on Thursday, January 22nd. Robert W. Baird set a $8.50 price target on shares of Methode Electronics in a research note on Wednesday, January 14th. Finally, Zacks Research upgraded shares of Methode Electronics to a “hold” rating in a research note on Tuesday, December 9th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Methode Electronics has a consensus rating of “Reduce” and a consensus target price of $8.50.

Institutional Investors Weigh In On Methode Electronics

Several hedge funds have recently bought and sold shares of MEI. EverSource Wealth Advisors LLC increased 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 worth $29,000 after buying an additional 2,815 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Methode Electronics in the third quarter worth $103,000. XTX Topco Ltd bought a new position in Methode Electronics in the second quarter valued at $107,000. Quantbot Technologies LP increased its stake in 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 acquiring an additional 8,336 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Methode Electronics during the first quarter valued at about $133,000. 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.