Methode Electronics (NYSE:MEI) Trading 8.3% Higher – Here’s What Happened

Methode Electronics, Inc. (NYSE:MEI) shares rose 8.3% on Tuesday . The stock traded as high as $17.14 and last traded at $17.1310. 615,800 shares were traded during mid-day trading, a decline of 10% from the average session volume of 682,232 shares. The stock had previously closed at $15.82.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MEI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a report on Tuesday, April 21st. Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a research note on Monday, June 29th. Sidoti reissued a “neutral” rating and issued a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. Robert W. Baird upped their price target on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Wall Street Zen downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Methode Electronics has a consensus rating of “Reduce” and an average target price of $19.33.

Methode Electronics Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The firm has a market capitalization of $609.37 million, a PE ratio of -17.02 and a beta of 1.47. The business’s 50 day moving average is $12.86 and its two-hundred day moving average is $9.21.

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

Methode Electronics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. Methode Electronics’s dividend payout ratio (DPR) is currently -19.80%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Methode Electronics by 4.5% in the third quarter. Vanguard Group Inc. now owns 3,169,009 shares of the electronics maker’s stock worth $23,926,000 after buying an additional 136,842 shares during the period. Federated Hermes Inc. lifted its position in Methode Electronics by 9.1% in the fourth quarter. Federated Hermes Inc. now owns 1,441,165 shares of the electronics maker’s stock valued at $9,569,000 after purchasing an additional 120,202 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Methode Electronics by 31.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,380,436 shares of the electronics maker’s stock valued at $9,166,000 after purchasing an additional 331,618 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Methode Electronics by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,351,962 shares of the electronics maker’s stock valued at $7,463,000 after purchasing an additional 52,821 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Methode Electronics by 29.7% in the second quarter. AQR Capital Management LLC now owns 1,209,756 shares of the electronics maker’s stock worth $11,505,000 after purchasing an additional 276,923 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

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.