Methode Electronics (NYSE:MEI) Sets New 12-Month High – Here’s What Happened

Shares of Methode Electronics, Inc. (NYSE:MEI) reached a new 52-week high on Thursday . The company traded as high as $17.35 and last traded at $16.4180, with a volume of 258839 shares traded. The stock had previously closed at $13.09.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Methode Electronics currently has a consensus rating of “Reduce” and a consensus price target of $8.50.

Methode Electronics Stock Up 27.1%

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.55 and a current ratio of 2.41. The company has a fifty day simple moving average of $10.47 and a two-hundred day simple moving average of $8.31. The firm has a market capitalization of $589.59 million, a PE ratio of -9.10 and a beta of 1.59.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.10). The firm had revenue of $298.10 million for the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative net margin of 6.58% and a negative return on equity of 8.04%. Analysts forecast that Methode Electronics, Inc. will post -0.89 EPS for the current fiscal year.

Methode Electronics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. Methode Electronics’s dividend payout ratio (DPR) is -10.99%.

Hedge Funds Weigh In On Methode Electronics

A number of hedge funds and other institutional investors have recently modified their holdings of MEI. JPMorgan Chase & Co. raised its stake in Methode Electronics by 51.8% in the third quarter. JPMorgan Chase & Co. now owns 291,065 shares of the electronics maker’s stock worth $2,198,000 after buying an additional 99,308 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in Methode Electronics by 84.8% during the 3rd quarter. Tudor Investment Corp ET AL now owns 162,766 shares of the electronics maker’s stock valued at $1,229,000 after acquiring an additional 74,701 shares in the last quarter. Penn Capital Management Company LLC bought a new stake in Methode Electronics during the 3rd quarter valued at $1,340,000. 4D Advisors LLC purchased a new position in shares of Methode Electronics in the 4th quarter valued at $3,320,000. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of Methode Electronics by 415.4% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 71,270 shares of the electronics maker’s stock worth $538,000 after acquiring an additional 57,441 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Methode Electronics Company Profile

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.