Methode Electronics (NYSE:MEI) Issues Quarterly Earnings Results

Methode Electronics (NYSE:MEI) announced its earnings results on Wednesday. The electronics maker reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.05, FiscalAI reports. The business had revenue of $265.40 million for the quarter, compared to the consensus estimate of $238.31 million. Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%.

Methode Electronics Trading Down 1.3%

NYSE:MEI traded down $0.23 during mid-day trading on Wednesday, hitting $18.09. The company had a trading volume of 1,324,695 shares, compared to its average volume of 666,572. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. Methode Electronics has a fifty-two week low of $4.88 and a fifty-two week high of $20.38. The firm has a market cap of $641.65 million, a P/E ratio of -17.91 and a beta of 1.54. The business’s fifty day moving average is $16.11 and its two-hundred day moving average is $11.34.

Methode Electronics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, July 17th. This represents a $0.20 annualized dividend and a yield of 1.1%. Methode Electronics’s dividend payout ratio is presently -19.80%.

Institutional Trading of Methode Electronics

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Methode Electronics by 4.5% during the third quarter. Vanguard Group Inc. now owns 3,169,009 shares of the electronics maker’s stock valued at $23,926,000 after purchasing an additional 136,842 shares during the period. Federated Hermes Inc. raised its holdings in Methode Electronics by 9.1% in the fourth quarter. Federated Hermes Inc. now owns 1,441,165 shares of the electronics maker’s stock worth $9,569,000 after purchasing an additional 120,202 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Methode Electronics by 31.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,380,436 shares of the electronics maker’s stock worth $9,166,000 after purchasing an additional 331,618 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Methode Electronics by 2.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,299,141 shares of the electronics maker’s stock worth $8,626,000 after purchasing an additional 32,161 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Methode Electronics by 29.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,209,756 shares of the electronics maker’s stock valued at $11,505,000 after buying an additional 276,923 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on MEI shares. Sidoti restated a “neutral” rating and issued a $17.00 price objective on shares of Methode Electronics in a research report on Friday, June 26th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Zacks Research upgraded Methode Electronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. 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 research report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.00.

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.