Methode Electronics (NYSE:MEI) Releases FY 2023 Earnings Guidance

Methode Electronics (NYSE:MEIGet Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.70-$3.10 for the period, compared to the consensus estimate of $2.82. The company issued revenue guidance of $1.16 billion-$1.21 billion, compared to the consensus revenue estimate of $1.18 billion.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MEI. StockNews.com raised shares of Methode Electronics from a hold rating to a buy rating in a report on Friday. Robert W. Baird lowered their target price 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

Shares of MEI stock opened at $37.35 on Friday. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 14.88 and a beta of 1.14. Methode Electronics has a 12-month low of $33.91 and a 12-month high of $49.94. The firm has a fifty day moving average of $40.02 and a 200-day moving average of $41.46. The company has a quick ratio of 2.38, a current ratio of 3.26 and a debt-to-equity ratio of 0.21.

Methode Electronics (NYSE:MEIGet Rating) last issued its quarterly earnings results on Thursday, June 23rd. The electronics maker reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $288.70 million for the quarter, compared to analysts’ expectations of $289.10 million. Methode Electronics had a net margin of 8.17% and a return on equity of 10.39%. On average, equities research analysts forecast that Methode Electronics will post 2.9 earnings per share for the current year.

Methode Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a $0.14 dividend. The ex-dividend date is Thursday, October 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.50%. Methode Electronics’s dividend payout ratio (DPR) is currently 22.31%.

Insider Activity at Methode Electronics

In related news, COO Joseph Elias Khoury sold 8,000 shares of the company’s stock in a transaction dated 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 approximately $15,281,991. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new stake in shares of Methode Electronics during the 2nd quarter worth approximately $99,000. Captrust Financial Advisors boosted its position in shares of Methode Electronics by 9.7% during the 2nd quarter. Captrust Financial Advisors now owns 4,195 shares of the electronics maker’s stock worth $155,000 after acquiring an additional 371 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Methode Electronics during the 2nd quarter worth approximately $376,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Methode Electronics during the 1st quarter worth approximately $384,000. Finally, Hsbc Holdings PLC boosted its position in shares of Methode Electronics by 55.7% during the 1st quarter. Hsbc Holdings PLC now owns 11,666 shares of the electronics maker’s stock worth $505,000 after acquiring an additional 4,172 shares in the last quarter. Institutional investors and hedge funds own 94.03% of the company’s stock.

Methode Electronics Company Profile

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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.

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Earnings History and Estimates for Methode Electronics (NYSE:MEI)

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