FY2023 EPS Estimates for Methode Electronics, Inc. Decreased by Barrington Research (NYSE:MEI)

Methode Electronics, Inc. (NYSE:MEI – Get Rating) – Equities researchers at Barrington Research decreased their FY2023 earnings estimates for Methode Electronics in a research report issued to clients and investors on Monday, March 13th. Barrington Research analyst G. Prestopino now forecasts that the electronics maker will post earnings of $2.50 per share for the year, down from their prior forecast of $2.70. The consensus estimate for Methode Electronics’ current full-year earnings is $2.55 per share. Barrington Research also issued estimates for Methode Electronics’ Q4 2023 earnings at $0.63 EPS, Q1 2024 earnings at $0.54 EPS, Q2 2024 earnings at $0.69 EPS, Q3 2024 earnings at $0.62 EPS and Q4 2024 earnings at $0.68 EPS.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird cut their price objective on shares of Methode Electronics from $52.00 to $49.00 in a research report on Monday. Jefferies Financial Group began coverage on shares of Methode Electronics in a research report on Tuesday, November 22nd. They issued a “buy” rating and a $52.00 price objective for the company.

Methode Electronics Price Performance

Shares of NYSE:MEI opened at $42.05 on Tuesday. Methode Electronics has a 1-year low of $33.91 and a 1-year high of $51.38. The firm’s 50 day simple moving average is $47.62 and its two-hundred day simple moving average is $43.75. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.51 and a quick ratio of 2.60. The company has a market capitalization of $1.52 billion, a P/E ratio of 18.27 and a beta of 1.14.

Methode Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 27th. Shareholders of record on Friday, January 13th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, January 12th. Methode Electronics’s dividend payout ratio is currently 24.35%.

Hedge Funds Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Citigroup Inc. grew its holdings in Methode Electronics by 0.9% in the first quarter. Citigroup Inc. now owns 37,354 shares of the electronics maker’s stock valued at $1,616,000 after purchasing an additional 315 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Methode Electronics by 52.1% in the first quarter. MetLife Investment Management LLC now owns 19,668 shares of the electronics maker’s stock valued at $851,000 after buying an additional 6,738 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Methode Electronics by 1.7% in the first quarter. Rhumbline Advisers now owns 116,858 shares of the electronics maker’s stock valued at $5,054,000 after buying an additional 1,938 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Methode Electronics by 11.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 32,129 shares of the electronics maker’s stock valued at $1,390,000 after purchasing an additional 3,279 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Methode Electronics by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,026,836 shares of the electronics maker’s stock worth $87,660,000 after buying an additional 46,480 shares during the last quarter. 95.93% of the stock is owned by institutional investors and hedge funds.

Methode Electronics Company Profile

(Get Rating)

Methode Electronics, Inc engages in the manufacture of component and subsystem devices. It operates through the following segments: Automotive, Interface, Industrial, and Medical. The Automotive segment supplies electronic and electromechanical devices, and related products to automobile original equipment manufacturers.