Methode Electronics (NYSE:MEI) Stock Price Down 6% – Here’s Why

Methode Electronics, Inc. (NYSE:MEI) was down 6% on Tuesday . The stock traded as low as $14.55 and last traded at $14.7490. 125,004 shares traded hands during trading, a decline of 82% from the average session volume of 678,537 shares. The stock had previously closed at $15.69.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MEI. Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a report on Monday, June 29th. Sidoti reiterated a “neutral” rating and issued a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. Zacks Research upgraded shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Craig Hallum began coverage on shares of Methode Electronics in a research note on Tuesday, August 25th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $22.00.

Methode Electronics Stock Performance

The business’s 50-day moving average is $15.83 and its 200-day moving average is $11.62. The company has a market capitalization of $496.40 million, a PE ratio of -13.46 and a beta of 1.54. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.65 and a current ratio of 2.41.

Methode Electronics (NYSE:MEI) last released its earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The firm had revenue of $265.40 million for the quarter, compared to analysts’ expectations of $238.31 million. Methode Electronics had a negative return on equity of 5.63% and a negative net margin of 3.52%. On average, research analysts anticipate that Methode Electronics, Inc. will post -0.81 earnings per share for the current year.

Hedge Funds Weigh In On Methode Electronics

Institutional investors have recently bought and sold shares of the stock. Sei Investments Co. lifted its holdings in shares of Methode Electronics by 87.7% in the first quarter. Sei Investments Co. now owns 465,973 shares of the electronics maker’s stock worth $2,572,000 after buying an additional 217,764 shares in the last quarter. Empowered Funds LLC lifted its position in Methode Electronics by 51.2% during the first quarter. Empowered Funds LLC now owns 632,346 shares of the electronics maker’s stock valued at $3,491,000 after purchasing an additional 214,224 shares during the last quarter. BlackRock Inc. bought a new position in shares of Methode Electronics in the 2nd quarter valued at about $65,727,000. Deutsche Bank AG bought a new stake in shares of Methode Electronics in the 2nd quarter valued at approximately $4,982,000. Finally, Ieq Capital LLC bought a new stake in Methode Electronics in the second quarter worth $2,330,000. 95.49% of the stock is owned by institutional investors.

Methode Electronics Company Profile

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.