Brokerages Set Methode Electronics Inc. (MEI) Target Price at $40.25

Shares of Methode Electronics Inc. (NYSE:MEI) have earned an average recommendation of “Hold” from the six ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $40.25.

A number of equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating and set a $33.00 price target on the stock in a research note on Thursday, March 7th. Craig Hallum upgraded shares of Methode Electronics from a “hold” rating to a “buy” rating and upped their price target for the stock from $25.00 to $42.00 in a research note on Friday, March 8th.

Shares of Methode Electronics stock opened at $29.90 on Tuesday. The company has a current ratio of 2.53, a quick ratio of 1.83 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 9.97 and a beta of 1.45. Methode Electronics has a 12-month low of $20.99 and a 12-month high of $45.45.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Thursday, March 7th. The electronics maker reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.23. The business had revenue of $246.90 million for the quarter, compared to the consensus estimate of $259.29 million. Methode Electronics had a net margin of 10.76% and a return on equity of 18.64%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 EPS. On average, analysts forecast that Methode Electronics will post 2.89 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.47%. The ex-dividend date is Thursday, April 11th. Methode Electronics’s dividend payout ratio is currently 14.67%.

In related news, CAO Amit N. Patel bought 1,021 shares of the stock in a transaction on Tuesday, March 26th. The shares were acquired at an average price of $27.54 per share, for a total transaction of $28,118.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Methode Electronics in the 4th quarter worth approximately $17,166,000. Clearbridge Investments LLC increased its holdings in Methode Electronics by 784.2% in the 3rd quarter. Clearbridge Investments LLC now owns 662,827 shares of the electronics maker’s stock worth $23,994,000 after acquiring an additional 587,860 shares in the last quarter. Investment Counselors of Maryland LLC increased its holdings in Methode Electronics by 44.3% in the 4th quarter. Investment Counselors of Maryland LLC now owns 808,002 shares of the electronics maker’s stock worth $18,818,000 after acquiring an additional 247,907 shares in the last quarter. BlackRock Inc. increased its holdings in Methode Electronics by 4.2% in the 3rd quarter. BlackRock Inc. now owns 5,282,696 shares of the electronics maker’s stock worth $191,234,000 after acquiring an additional 213,899 shares in the last quarter. Finally, LSV Asset Management increased its holdings in Methode Electronics by 12.6% in the 4th quarter. LSV Asset Management now owns 1,316,081 shares of the electronics maker’s stock worth $30,651,000 after acquiring an additional 146,756 shares in the last quarter. 97.34% of the stock is owned by hedge funds and other institutional investors.

Methode Electronics Company Profile

Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.

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