Methode Electronics (NYSE:MEI) Downgraded to “Strong Sell” Rating by Zacks Research

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

Other analysts also recently issued research reports about the stock. Sidoti reiterated a “neutral” rating and issued a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. Barrington Research raised shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research note on Tuesday, April 21st. Finally, Robert W. Baird upped their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $19.33.

Methode Electronics Trading Down 3.4%

NYSE:MEI opened at $18.32 on Tuesday. The company has a market capitalization of $649.11 million, a PE ratio of -18.14 and a beta of 1.59. Methode Electronics has a 52-week low of $4.88 and a 52-week high of $20.38. The stock’s 50 day moving average price is $11.63 and its 200 day moving average price is $8.72. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.48.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The firm had revenue of $298.10 million during the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. On average, research analysts anticipate that Methode Electronics will post -0.95 EPS for the current year.

Methode Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, July 17th. Methode Electronics’s dividend payout ratio is -19.80%.

Hedge Funds Weigh In On Methode Electronics

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in shares of Methode Electronics by 51.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 291,065 shares of the electronics maker’s stock worth $2,198,000 after acquiring an additional 99,308 shares during the period. Tudor Investment Corp ET AL increased its stake in shares of Methode Electronics by 84.8% during the third quarter. Tudor Investment Corp ET AL now owns 162,766 shares of the electronics maker’s stock worth $1,229,000 after acquiring an additional 74,701 shares during the period. Penn Capital Management Company LLC acquired a new position in shares of Methode Electronics during the third quarter worth about $1,340,000. 4D Advisors LLC purchased a new position in Methode Electronics during the fourth quarter worth about $3,320,000. Finally, Bank of New York Mellon Corp lifted its position in Methode Electronics by 8.7% in the first quarter. Bank of New York Mellon Corp now owns 282,992 shares of the electronics maker’s stock valued at $1,562,000 after purchasing an additional 22,750 shares during the period. 95.49% of the stock is currently owned by hedge funds and other 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.