$207.59 Million in Sales Expected for Methode Electronics, Inc. (MEI) This Quarter
Equities research analysts forecast that Methode Electronics, Inc. (NYSE:MEI) will post $207.59 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Methode Electronics’ earnings, with estimates ranging from $207.17 million to $208.00 million. Methode Electronics reported sales of $209.30 million during the same quarter last year, which indicates a negative year-over-year growth rate of 0.8%. The business is scheduled to issue its next earnings results on Thursday, December 14th.
According to Zacks, analysts expect that Methode Electronics will report full year sales of $207.59 million for the current year, with estimates ranging from $823.20 million to $832.11 million. For the next year, analysts forecast that the company will post sales of $865.92 million per share, with estimates ranging from $848.80 million to $883.04 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Methode Electronics.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.12. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The company had revenue of $201.20 million during the quarter, compared to the consensus estimate of $189.40 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The firm’s revenue was up 4.8% compared to the same quarter last year.
A number of research analysts recently issued reports on the stock. BidaskClub upgraded shares of Methode Electronics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a research report on Tuesday. B. Riley reiterated a “buy” rating and set a $49.00 target price on shares of Methode Electronics in a research report on Wednesday, June 28th. ValuEngine downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Finally, FBR & Co reiterated a “buy” rating on shares of Methode Electronics in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $48.25.
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Hedge funds have recently made changes to their positions in the business. Acrospire Investment Management LLC increased its stake in Methode Electronics by 22.2% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,751 shares of the electronics maker’s stock valued at $113,000 after purchasing an additional 500 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in Methode Electronics by 3.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 2,847 shares of the electronics maker’s stock valued at $130,000 after purchasing an additional 90 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in Methode Electronics during the 1st quarter valued at $135,000. Meeder Asset Management Inc. bought a new stake in Methode Electronics during the 2nd quarter valued at $122,000. Finally, Riverhead Capital Management LLC increased its stake in Methode Electronics by 87.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,996 shares of the electronics maker’s stock valued at $123,000 after purchasing an additional 1,396 shares in the last quarter. Institutional investors and hedge funds own 90.21% of the company’s stock.
Shares of Methode Electronics (NYSE MEI) traded up 1.08% during midday trading on Friday, hitting $37.50. 186,131 shares of the stock traded hands. The stock has a market capitalization of $1.38 billion, a P/E ratio of 14.85 and a beta of 0.76. The firm has a 50-day moving average price of $38.99 and a 200-day moving average price of $41.40. Methode Electronics has a 52 week low of $29.85 and a 52 week high of $46.40.
About Methode Electronics
Methode Electronics, Inc (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other.
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