Methode Electronics (NYSE:MEI) Trading 7.7% Higher – Here’s What Happened

Methode Electronics, Inc. (NYSE:MEI)’s share price traded up 7.7% on Friday . The stock traded as high as $16.90 and last traded at $16.5050. Approximately 76,370 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 674,762 shares. The stock had previously closed at $15.32.

Analyst Ratings Changes

A number of equities analysts have issued reports on MEI shares. Barrington Research raised shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a report on Monday, June 29th. Robert W. Baird boosted their price objective on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Craig Hallum began coverage on shares of Methode Electronics in a report on Tuesday, August 25th. They set a “buy” rating and a $30.00 price target for the company. Zacks Research upgraded shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Methode Electronics currently has an average rating of “Hold” and a consensus target price of $22.00.

Methode Electronics Price Performance

The company has a market cap of $570.11 million, a PE ratio of -15.37 and a beta of 1.54. The stock has a fifty day moving average price of $16.15 and a 200-day moving average price of $11.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66.

Methode Electronics (NYSE:MEI) last released its earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $265.40 million during the quarter, compared to the consensus estimate of $238.31 million. Methode Electronics had a negative net margin of 3.52% and a negative return on equity of 5.60%. On average, equities analysts expect that Methode Electronics, Inc. will post -0.95 earnings per share for the current year.

Methode Electronics Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in shares of Methode Electronics by 1,027.4% in the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 2,815 shares during the last quarter. Allworth Financial LP acquired a new stake in Methode Electronics in the 2nd quarter valued at approximately $40,000. Legal & General Group Plc bought a new position in Methode Electronics in the 2nd quarter worth approximately $65,000. State of Wyoming bought a new stake in shares of Methode Electronics in the first quarter valued at approximately $93,000. Finally, Mackenzie Financial Corp acquired a new stake in shares of Methode Electronics in the third quarter worth $103,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.