Methode Electronics Downgraded to “Underperform” at Zacks (MEI)
Methode Electronics (NYSE:MEI) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday. They currently have a $32.60 price objective on the stock. Zacks‘s target price indicates a potential downside of 4.87% from the stock’s previous close.
In other Methode Electronics news, CFO Douglas A. Koman unloaded 37,334 shares of the stock on the open market in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $37.34, for a total value of $1,394,051.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Methode Electronics (NYSE:MEI) traded down 0.61% on Wednesday, hitting $33.9709. The stock had a trading volume of 152,176 shares. Methode Electronics has a 52-week low of $17.01 and a 52-week high of $38.57. The stock’s 50-day moving average is $33.96 and its 200-day moving average is $32.13. The company has a market cap of $1.288 billion and a P/E ratio of 13.62.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, June 26th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.71. The company had revenue of $224.90 million for the quarter, compared to the consensus estimate of $198.38 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The company’s revenue for the quarter was up 51.7% on a year-over-year basis. Analysts expect that Methode Electronics will post $1.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 1st. Stockholders of record on Friday, July 18th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Wednesday, July 16th.
MEI has been the subject of a number of other recent research reports. Analysts at FBR Capital Markets raised their price target on shares of Methode Electronics from $37.00 to $44.00 in a research note on Friday, June 27th. They now have an “outperform” rating on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Methode Electronics from $38.00 to $41.00 in a research note on Friday, June 27th. They now have an “outperform” rating on the stock.
Methode Electronics, Inc is a manufacturer of component and subsystem devices with manufacturing, designs and testing facilities in China, Egypt, Germany, India, Lebanon, Malta, Mexico, the Philippines, Singapore, Switzerland, the United Kingdom and the United States.
To view Zacks’ full report, visit Zacks’ official website.
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