Methode Electronics (NYSE:MEI) Price Target Cut to $13.00 by Analysts at Robert W. Baird

Methode Electronics (NYSE:MEI) had its price target cut by Robert W. Baird from $15.00 to $13.00 in a research note released on Friday morning, Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

Methode Electronics Stock Performance

MEI opened at $9.74 on Friday. Methode Electronics has a twelve month low of $8.54 and a twelve month high of $27.11. The stock has a market cap of $344.70 million, a PE ratio of -2.79 and a beta of 0.71. The business’s 50 day moving average is $11.19 and its 200-day moving average is $12.32. The company has a current ratio of 2.76, a quick ratio of 1.95 and a debt-to-equity ratio of 0.43.

Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, September 5th. The electronics maker reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). The company had revenue of $258.50 million during the quarter, compared to the consensus estimate of $267.66 million. Methode Electronics had a negative net margin of 11.06% and a negative return on equity of 1.78%. During the same quarter in the prior year, the company earned $0.06 EPS. On average, analysts predict that Methode Electronics will post -0.51 earnings per share for the current year.

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.56 annualized dividend and a yield of 5.75%. Methode Electronics’s dividend payout ratio is currently -16.05%.

Institutional Trading of Methode Electronics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its holdings in Methode Electronics by 128.1% during the 2nd quarter. Federated Hermes Inc. now owns 1,690,878 shares of the electronics maker’s stock worth $17,501,000 after buying an additional 949,616 shares during the period. Millennium Management LLC boosted its holdings in shares of Methode Electronics by 98.7% during the second quarter. Millennium Management LLC now owns 648,019 shares of the electronics maker’s stock worth $6,707,000 after purchasing an additional 321,832 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Methode Electronics by 222.6% in the first quarter. BNP Paribas Financial Markets now owns 220,932 shares of the electronics maker’s stock worth $2,691,000 after acquiring an additional 152,446 shares during the last quarter. AQR Capital Management LLC boosted its position in Methode Electronics by 124.1% during the second quarter. AQR Capital Management LLC now owns 225,177 shares of the electronics maker’s stock valued at $2,331,000 after purchasing an additional 124,677 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in Methode Electronics by 249.7% in the second quarter. Cubist Systematic Strategies LLC now owns 174,179 shares of the electronics maker’s stock valued at $1,803,000 after purchasing an additional 124,367 shares in the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

About Methode Electronics

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.