Robert W. Baird Cuts Methode Electronics (NYSE:MEI) Price Target to $9.00

Methode Electronics (NYSE:MEI) had its target price trimmed by Robert W. Baird from $14.00 to $9.00 in a report published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the electronics maker’s stock.

Separately, Sidoti upgraded shares of Methode Electronics from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, February 25th.

Methode Electronics Trading Down 5.9 %

NYSE MEI opened at $6.57 on Friday. The company’s 50-day moving average price is $11.11 and its 200-day moving average price is $10.91. The company has a current ratio of 2.75, a quick ratio of 1.73 and a debt-to-equity ratio of 0.46. The stock has a market cap of $234.09 million, a PE ratio of -2.59 and a beta of 0.77. Methode Electronics has a 12 month low of $6.26 and a 12 month high of $17.45.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Wednesday, March 5th. The electronics maker reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.04). The company had revenue of $239.90 million during the quarter, compared to the consensus estimate of $264.01 million. Methode Electronics had a negative return on equity of 3.26% and a negative net margin of 8.16%. During the same quarter in the previous year, the company posted ($0.33) earnings per share. Equities research analysts forecast that Methode Electronics will post -0.4 earnings per share for the current year.

Methode Electronics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 8.53%. The ex-dividend date of this dividend was Friday, January 17th. Methode Electronics’s payout ratio is currently -21.46%.

Hedge Funds Weigh In On Methode Electronics

Several hedge funds and other institutional investors have recently modified their holdings of MEI. Quarry LP purchased a new position in Methode Electronics during the 4th quarter worth approximately $32,000. Virtus Fund Advisers LLC purchased a new position in Methode Electronics during the 4th quarter worth approximately $38,000. AlphaQuest LLC raised its position in Methode Electronics by 196.8% during the 4th quarter. AlphaQuest LLC now owns 4,509 shares of the electronics maker’s stock worth $53,000 after buying an additional 2,990 shares during the last quarter. PharVision Advisers LLC purchased a new position in Methode Electronics during the 4th quarter worth approximately $120,000. Finally, Diversified Trust Co purchased a new position in Methode Electronics during the 4th quarter worth approximately $126,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Methode Electronics Company Profile

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.