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

Methode Electronics (NYSE:MEI) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.350-$3.750 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.130. The company issued revenue guidance of $1.18 billion-$1.24 billion, compared to the consensus revenue estimate of $1.07 billion.Methode Electronics also updated its Q1 2022 guidance to $0.680-$0.800 EPS.

Separately, Robert W. Baird set a $47.97 price target on Methode Electronics and gave the company a hold rating in a research note on Wednesday, July 14th.

MEI traded down $1.20 during mid-day trading on Thursday, reaching $45.35. 774 shares of the stock were exchanged, compared to its average volume of 181,082. Methode Electronics has a 1 year low of $23.97 and a 1 year high of $50.19. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.03 and a quick ratio of 2.47. The stock has a market capitalization of $1.74 billion, a PE ratio of 13.69 and a beta of 1.29. The business has a 50 day moving average of $47.83.

Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Wednesday, June 23rd. The electronics maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.10. The business had revenue of $301.00 million for the quarter, compared to analysts’ expectations of $280.06 million. Methode Electronics had a net margin of 11.24% and a return on equity of 14.78%. The firm’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.67 earnings per share. On average, equities research analysts expect that Methode Electronics will post 3.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 30th. Stockholders of record on Friday, July 16th will be issued a $0.14 dividend. The ex-dividend date is Thursday, July 15th. This is a positive change from Methode Electronics’s previous quarterly dividend of $0.11. This represents a $0.56 annualized dividend and a dividend yield of 1.23%. Methode Electronics’s dividend payout ratio is currently 16.72%.

In related news, CAO Amit N. Patel sold 1,000 shares of the stock in a transaction dated Wednesday, June 30th. The shares were sold at an average price of $49.30, for a total transaction of $49,300.00. Following the completion of the transaction, the chief accounting officer now owns 7,807 shares in the company, valued at $384,885.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Anil Shetty sold 5,000 shares of Methode Electronics stock in a transaction dated Wednesday, June 30th. The stock was sold at an average price of $49.08, for a total transaction of $245,400.00. Following the completion of the sale, the vice president now directly owns 96,000 shares in the company, valued at approximately $4,711,680. The disclosure for this sale can be found here. Insiders have sold 49,968 shares of company stock worth $2,369,817 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Methode Electronics Company Profile

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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