Off Wall Street Reiterates “Sell” Rating for Methode Electronics (MEI)
Shares of Methode Electronics (NYSE:MEI) traded up 1.15% on Monday, hitting $31.66. The stock had a trading volume of 15,435 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 $34.36 and its 200-day moving average is $32.04. The company has a market cap of $1.201 billion and a price-to-earnings ratio of 12.47. Methode Electronics also saw a large decline in short interest in July. As of July 15th, there was short interest totalling 958,457 shares, a decline of 35.0% from the June 30th total of 1,474,516 shares. Based on an average trading volume of 430,816 shares, the days-to-cover ratio is presently 2.2 days. Approximately 2.7% of the company’s shares are short sold.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, June 26th. The company reported $1.25 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.24 earnings per share. Methode Electronics’s revenue was up 51.7% compared to the same quarter last year. On average, analysts predict that Methode Electronics will post $1.97 earnings per share for the current fiscal year.
MEI has been the subject of a number of other recent research reports. Analysts at Zacks downgraded shares of Methode Electronics from a “neutral” rating to an “underperform” rating in a research note on Wednesday, July 16th. They now have a $32.60 price target on the stock. Separately, 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. Finally, 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. Two equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. Methode Electronics has a consensus rating of “Hold” and an average target price of $39.90.
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.
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