Methode Electronics (NYSE:MEI) Stock Price Up 4.6% – Here’s What Happened

Methode Electronics, Inc. (NYSE:MEI)’s share price traded up 4.6% during mid-day trading on Wednesday. The company traded as high as $14.44 and last traded at $14.1450. Approximately 150,665 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 675,598 shares. The stock had previously closed at $13.52.

Analyst Ratings Changes

MEI has been the topic of several recent analyst reports. Barrington Research raised shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a report on Monday, June 29th. Zacks Research upgraded Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Craig Hallum assumed coverage on Methode Electronics in a report on Tuesday, August 25th. They set a “buy” rating and a $30.00 target price for the company. Wall Street Zen cut Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Finally, Sidoti reissued a “neutral” rating and issued a $17.00 price objective on shares of Methode Electronics in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Methode Electronics currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Methode Electronics Stock Down 1.8%

The company has a quick ratio of 1.65, a current ratio of 2.41 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $519.38 million, a PE ratio of -14.01 and a beta of 1.54. The business has a 50-day moving average price of $15.40 and a 200-day moving average price of $12.04.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. Methode Electronics had a negative return on equity of 5.63% and a negative net margin of 3.52%.The company had revenue of $265.40 million for the quarter, compared to analyst estimates of $238.31 million. Equities research analysts forecast that Methode Electronics, Inc. will post -0.81 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, October 16th. Methode Electronics’s payout ratio is presently -19.23%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MEI. BlackRock Inc. acquired a new position in shares of Methode Electronics in the 2nd quarter valued at $65,727,000. AIGH Capital Management LLC purchased a new position in shares of Methode Electronics during the second quarter worth $31,839,000. Dimensional Fund Advisors LP grew its stake in shares of Methode Electronics by 4.1% in 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 buying an additional 52,821 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Methode Electronics by 51.2% in the 1st quarter. Empowered Funds LLC now owns 632,346 shares of the electronics maker’s stock valued at $3,491,000 after buying an additional 214,224 shares during the period. Finally, 4D Advisors LLC purchased a new stake in shares of Methode Electronics in the 4th quarter valued at $3,320,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Methode Electronics Company Profile

Methode Electronics, Inc (NYSE: MEI) is a global designer and manufacturer of custom-engineered products and solutions for automotive, industrial, aerospace, commercial and other specialized markets. The company develops technologies that help customers manage electrical power, transmit signals, sense operating conditions and control equipment.

Its product portfolio includes sensors and sensor-based systems, user-interface and control products, LED lighting and display solutions, power distribution and electrical components, connectors, and other electromechanical assemblies.