Methode Electronics (NYSE:MEI) Updates FY 2022 Earnings Guidance

Methode Electronics (NYSE:MEIGet Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.68-$2.72 for the period, compared to the consensus earnings per share estimate of $3.08. The company issued revenue guidance of $1.16 billion-$1.16 billion, compared to the consensus revenue estimate of $1.17 billion. Methode Electronics also updated its FY 2023 guidance to $2.70-$3.10 EPS.

Shares of MEI opened at $42.41 on Wednesday. The stock has a 50-day moving average of $44.39 and a two-hundred day moving average of $44.83. Methode Electronics has a one year low of $40.83 and a one year high of $50.19. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.32 and a current ratio of 3.14. The stock has a market cap of $1.57 billion, a P/E ratio of 13.81 and a beta of 1.08.

The company also recently declared a quarterly dividend, which was paid on Friday, April 29th. Shareholders of record on Thursday, April 14th were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, April 13th. This represents a $0.56 dividend on an annualized basis and a yield of 1.32%. Methode Electronics’s dividend payout ratio is currently 18.24%.

Several equities analysts have recently issued reports on MEI shares. Robert W. Baird decreased their price objective on Methode Electronics from $46.00 to $42.00 in a report on Wednesday. StockNews.com upgraded Methode Electronics from a hold rating to a buy rating in a research report on Monday, May 23rd.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC acquired a new stake in Methode Electronics during the 1st quarter worth $1,342,000. Earnest Partners LLC acquired a new position in shares of Methode Electronics during the 1st quarter valued at about $10,867,000. Captrust Financial Advisors boosted its position in shares of Methode Electronics by 29.5% during the 1st quarter. Captrust Financial Advisors now owns 3,824 shares of the electronics maker’s stock valued at $165,000 after acquiring an additional 870 shares during the last quarter. State Street Corp raised its holdings in Methode Electronics by 0.9% in the 1st quarter. State Street Corp now owns 1,346,029 shares of the electronics maker’s stock valued at $58,216,000 after buying an additional 12,312 shares during the period. Finally, Vident Investment Advisory LLC raised its holdings in Methode Electronics by 17.2% in the 1st quarter. Vident Investment Advisory LLC now owns 30,959 shares of the electronics maker’s stock valued at $1,338,000 after buying an additional 4,552 shares during the period. 95.41% of the stock is currently owned by institutional investors.

About Methode Electronics (Get Rating)

Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices 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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