Methode Electronics (NYSE:MEI – Get Rating) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.
Separately, Robert W. Baird cut their price target on shares of Methode Electronics from $46.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, June 15th.
Methode Electronics Price Performance
MEI traded down $0.03 during trading on Friday, reaching $39.33. 114,702 shares of the company were exchanged, compared to its average volume of 188,989. Methode Electronics has a 12-month low of $33.91 and a 12-month high of $49.94. The company’s 50-day moving average is $39.29 and its two-hundred day moving average is $42.16. The company has a quick ratio of 2.49, a current ratio of 3.34 and a debt-to-equity ratio of 0.22. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 14.62 and a beta of 1.15.
Methode Electronics (NYSE:MEI – Get Rating) last announced its quarterly earnings results on Thursday, June 23rd. The electronics maker reported $0.43 earnings per share for the quarter, meeting the consensus estimate of $0.43. Methode Electronics had a return on equity of 11.15% and a net margin of 8.78%. The firm had revenue of $288.70 million for the quarter, compared to analysts’ expectations of $289.10 million. Research analysts forecast that Methode Electronics will post 2.88 earnings per share for the current fiscal year.
Insider Activity
In other news, COO Joseph Elias Khoury sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $38.55, for a total value of $308,400.00. Following the transaction, the chief operating officer now owns 396,420 shares in the company, valued at $15,281,991. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.50% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Methode Electronics
Hedge funds and other institutional investors have recently modified their holdings of the company. New Century Advisors LLC raised its position in Methode Electronics by 56.4% during the 2nd quarter. New Century Advisors LLC now owns 837 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 302 shares during the last quarter. Covestor Ltd bought a new position in shares of Methode Electronics during the fourth quarter valued at approximately $48,000. First Bank & Trust bought a new position in shares of Methode Electronics during the second quarter valued at approximately $51,000. Point72 Hong Kong Ltd purchased a new stake in Methode Electronics in the second quarter worth $99,000. Finally, KBC Group NV bought a new stake in Methode Electronics in the second quarter valued at $118,000. 94.03% of the stock is owned by institutional investors.
About Methode Electronics
Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.