Methode Electronics (NYSE:MEI) Trading Up 14.5% on Analyst Upgrade

Methode Electronics, Inc. (NYSE:MEI)’s share price traded up 14.5% during trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $16.75 and last traded at $17.2930. 345,156 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 667,151 shares. The stock had previously closed at $15.10.

Several other analysts have also recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Sidoti reissued a “neutral” rating and set a $17.00 price target on shares of Methode Electronics in a research note on Friday, June 26th. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Monday, June 29th. Robert W. Baird lifted their price objective on Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.33.

Institutional Trading of Methode Electronics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its holdings in shares of Methode Electronics by 8.3% during the 1st quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker’s stock worth $812,000 after acquiring an additional 9,787 shares during the period. Strs Ohio purchased a new position in Methode Electronics during the first quarter worth approximately $133,000. JPMorgan Chase & Co. grew its stake in shares of Methode Electronics by 10.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker’s stock valued at $1,824,000 after buying an additional 17,418 shares during the period. Franklin Resources Inc. acquired a new stake in shares of Methode Electronics during the 2nd quarter worth $234,000. Finally, XTX Topco Ltd purchased a new position in shares of Methode Electronics in the 2nd quarter worth $107,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Methode Electronics Trading Up 1.0%

The business has a fifty day moving average price of $14.56 and a 200 day moving average price of $10.28. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. The company has a market capitalization of $590.93 million, a PE ratio of -16.50 and a beta of 1.50.

Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%.The company had revenue of $298.10 million during the quarter, compared to analysts’ expectations of $238.46 million. Analysts expect that Methode Electronics, Inc. will post -0.95 EPS for the current fiscal year.

Methode Electronics Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics’s dividend payout ratio is currently -19.80%.

About Methode Electronics

Methode Electronics, Inc is a Chicago-based global manufacturer of custom-engineered electronic and electromechanical components and assemblies. Founded in 1946, Methode specializes in providing solutions that integrate electrical connectors, sensors, switches, human-machine interface devices and power distribution modules. The company’s product portfolio addresses complex application requirements across a broad range of end markets, including automotive, industrial, energy, healthcare and data/telecommunications.

In its automotive segment, Methode develops advanced connector systems, circuit protection devices and thermal management solutions for internal combustion, hybrid and electric vehicles.