Methode Electronics Hits New 52-Week High on Earnings Beat (MEI)
Methode Electronics (NYSE:MEI) hit a new 52-week high during trading on Thursday following a better than expected earnings announcement, AnalystRatings.Net reports. The company traded as high as $40.29 and last traded at $38.76, with a volume of 1,380,282 shares traded. The stock had previously closed at $34.26.
The company reported $0.55 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.40 by $0.15. The company had revenue of $218.10 million for the quarter. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 30.4% on a year-over-year basis.
A number of research firms have recently commented on MEI. Analysts at Zacks upgraded shares of Methode Electronics from an “underperform” rating to a “neutral” rating in a research note on Wednesday, August 27th. They now have a $34.80 price target on the stock. Separately, analysts at Off Wall Street reiterated a “sell” rating on shares of Methode Electronics in a research note on Monday, August 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $40.45.
The stock has a 50-day moving average of $32.98 and a 200-day moving average of $32.06. The company has a market cap of $1.494 billion and a P/E ratio of 13.65.
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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