Methode Electronics (NYSE:MEI) Issues Earnings Results
Methode Electronics reported quarterly earnings with an EPS of ($0.19), surpassing analysts' estimates of ($0.20). Revenue reached $246.90 million, exceeding expectations of $237.69 million. Despite a negative return on equity of 5.27% and net margin of 5.30%, the stock price rose by $0.37 to $8.67. Institutional investors have adjusted their positions, and analysts have mixed ratings, with an average 'Hold' rating and a target price of $11.25.
Methode Electronics (NYSE:MEI - Get Free Report) issued its quarterly earnings data on Wednesday. The electronics maker reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01, FiscalAI reports. Methode Electronics had a negative net margin of 5.30% and a negative return on equity of 5.27%. The business had revenue of $246.90 million during the quarter, compared to the consensus estimate of $237.69 million.
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Methode Electronics Price Performance
Shares of MEI traded up $0.37 during mid-day trading on Wednesday, hitting $8.67. The company's stock had a trading volume of 462,361 shares, compared to its average volume of 383,719. The company has a current ratio of 2.50, a quick ratio of 1.63 and a debt-to-equity ratio of 0.47. Methode Electronics has a 1-year low of $5.08 and a 1-year high of $17.45. The firm has a market capitalization of $305.07 million, a P/E ratio of -5.59 and a beta of 1.08. The firm has a 50-day simple moving average of $7.19 and a 200 day simple moving average of $7.59.
Institutional Investors Weigh In On Methode Electronics
Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in Methode Electronics by 10.0% during the second quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker's stock worth $1,824,000 after buying an additional 17,418 shares during the period. Empowered Funds LLC raised its position in Methode Electronics by 8.3% during the first quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker's stock worth $812,000 after acquiring an additional 9,787 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Methode Electronics in the third quarter valued at about $198,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Methode Electronics in the second quarter valued at about $179,000. Finally, Jain Global LLC acquired a new stake in shares of Methode Electronics in the third quarter valued at approximately $157,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Methode Electronics in a research report on Wednesday, October 8th. Wall Street Zen upgraded Methode Electronics from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, Robert W. Baird upped their target price on Methode Electronics from $7.00 to $8.50 and gave the company a "neutral" rating in a research report on Thursday, September 11th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $11.25.
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Methode Electronics Company Profile
(Get Free Report)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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