Methode Electronics, Inc. (NYSE:MEI – Get Free Report) shares rose 7.3% during trading on Wednesday . The stock traded as high as $17.37 and last traded at $17.22. Approximately 333,586 shares traded hands during trading, a decline of 50% from the average daily volume of 661,325 shares. The stock had previously closed at $16.05.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on MEI. Zacks Research raised Methode Electronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Robert W. Baird boosted their price target on Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Sidoti restated a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a research report on Friday, June 26th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Finally, Craig Hallum assumed coverage on Methode Electronics in a research report on Tuesday. They issued a “buy” rating and a $30.00 target price on the stock. Two research analysts have 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, Methode Electronics currently has a consensus rating of “Hold” and a consensus target price of $22.00.
Check Out Our Latest Stock Analysis on MEI
Methode Electronics Trading Up 4.5%
Methode Electronics (NYSE:MEI – Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. Research analysts anticipate that Methode Electronics, Inc. will post -0.95 earnings per share for the current fiscal year.
Methode Electronics Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics’s payout ratio is currently -19.80%.
Institutional Trading of Methode Electronics
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new position in shares of Methode Electronics in the 2nd quarter worth approximately $40,000. Strs Ohio increased its position in shares of Methode Electronics by 10.0% during the fourth quarter. Strs Ohio now owns 26,300 shares of the electronics maker’s stock worth $175,000 after buying an additional 2,400 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Methode Electronics by 1,027.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after buying an additional 2,815 shares during the period. Legal & General Group Plc bought a new position in Methode Electronics during the second quarter worth $65,000. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Methode Electronics by 21.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,781 shares of the electronics maker’s stock valued at $145,000 after buying an additional 3,778 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.
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.
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