Methode Electronics (NYSE:MEI – Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $2.70-$3.10 for the period, compared to the consensus earnings per share 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
Several brokerages have recently issued reports on MEI. Robert W. Baird reduced their price objective on Methode Electronics from $46.00 to $42.00 and set a neutral rating on the stock in a research report on Wednesday, June 15th. StockNews.com lowered Methode Electronics from a buy rating to a hold rating in a research note on Thursday, September 15th.
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Methode Electronics Stock Down 2.1 %
Shares of MEI stock traded down $0.81 during trading hours on Thursday, reaching $37.38. The company had a trading volume of 6,699 shares, compared to its average volume of 132,436. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.38 and a current ratio of 3.26. Methode Electronics has a twelve month low of $33.91 and a twelve month high of $49.94. The company has a market capitalization of $1.37 billion, a P/E ratio of 15.22 and a beta of 1.14. The stock's fifty day simple moving average is $39.96 and its 200 day simple moving average is $41.49.
Methode Electronics (NYSE:MEI – Get Rating) last issued its quarterly earnings data on Thursday, June 23rd. The electronics maker reported $0.43 earnings per share for the quarter, meeting analysts' consensus estimates of $0.43. Methode Electronics had a return on equity of 10.39% and a net
margin of 8.17%. The firm had revenue of $288.70 million during the quarter, compared to analyst estimates of $289.10 million. As a group, sell-side analysts expect that Methode Electronics will post 2.9 earnings per share for the current fiscal year.
Methode Electronics Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend 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 presently 22.31%.
Insider Buying and Selling at Methode Electronics
In other Methode Electronics news, COO Joseph Elias Khoury sold 8,000 shares of the stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $38.55, for a total transaction of $308,400.00. Following the transaction, the chief operating officer now owns 396,420 shares of the company's stock, valued at approximately $15,281,991. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.50% of the stock is owned by insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Vident Investment Advisory LLC lifted its holdings in Methode Electronics by 17.2% during the 1st quarter. Vident Investment Advisory LLC now owns 30,959 shares of the electronics maker's stock worth $1,338,000 after buying an additional 4,552 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Methode Electronics by 4.3% in the 2nd quarter. Millennium Management LLC now owns 24,924 shares of the electronics maker's stock worth $923,000 after purchasing an additional 1,017 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Methode Electronics by 52.1% in the 1st quarter. MetLife Investment Management LLC now owns 19,668 shares of the electronics maker's stock worth $851,000 after purchasing an additional 6,738 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Methode Electronics in the 2nd quarter worth approximately $814,000. Finally, Ergoteles LLC bought a new stake in shares of Methode Electronics in the 1st quarter worth approximately $588,000. Institutional investors own 94.03% of the company's stock.
About Methode Electronics
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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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