FY2024 EPS Estimates for Methode Electronics, Inc. Cut by Analyst (NYSE:MEI)

Methode Electronics, Inc. (NYSE:MEI – Get Rating) – Stock analysts at Barrington Research decreased their FY2024 earnings estimates for shares of Methode Electronics in a research report issued to clients and investors on Monday, March 13th. Barrington Research analyst G. Prestopino now anticipates that the electronics maker will earn $2.52 per share for the year, down from their previous estimate of $2.98. The consensus estimate for Methode Electronics’ current full-year earnings is $2.53 per share.

A number of other equities analysts have also commented on MEI. Jefferies Financial Group started coverage on Methode Electronics in a research note on Tuesday, November 22nd. They issued a “buy” rating and a $52.00 price objective on the stock. Robert W. Baird dropped their price target on Methode Electronics from $52.00 to $49.00 in a research report on Monday.

Methode Electronics Stock Down 1.6 %

Methode Electronics stock opened at $41.37 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.51 and a quick ratio of 2.60. Methode Electronics has a fifty-two week low of $33.91 and a fifty-two week high of $51.38. The firm has a fifty day moving average price of $47.57 and a two-hundred day moving average price of $43.76. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 17.99 and a beta of 1.14.

Hedge Funds Weigh In On Methode Electronics

Several institutional investors and hedge funds have recently added to or reduced their stakes in MEI. Wipfli Financial Advisors LLC acquired a new stake in shares of Methode Electronics during the 3rd quarter worth approximately $38,000. Steward Partners Investment Advisory LLC bought a new position in Methode Electronics in the fourth quarter worth $53,000. Point72 Hong Kong Ltd bought a new position in Methode Electronics in the second quarter worth $99,000. Tower Research Capital LLC TRC boosted its stake in Methode Electronics by 52.1% during the third quarter. Tower Research Capital LLC TRC now owns 3,219 shares of the electronics maker’s stock worth $120,000 after buying an additional 1,103 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in Methode Electronics by 9.7% in the 2nd quarter. Captrust Financial Advisors now owns 4,195 shares of the electronics maker’s stock valued at $155,000 after buying an additional 371 shares during the period. 95.93% of the stock is currently owned by institutional investors.

About Methode Electronics

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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.