Methode Electronics (NYSE:MEI) Reaches New 52-Week High – Should You Buy?

Methode Electronics, Inc. (NYSE:MEI)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $14.80 and last traded at $14.5390, with a volume of 8079844 shares traded. The stock had previously closed at $9.36.

Wall Street Analysts Forecast Growth

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 issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $8.50.

Methode Electronics Price Performance

The company’s 50-day simple moving average is $7.04 and its 200 day simple moving average is $7.33. The company has a market capitalization of $374.32 million, a P/E ratio of -5.80 and a beta of 1.46. The company has a quick ratio of 1.55, a current ratio of 2.41 and a debt-to-equity ratio of 0.50.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Thursday, March 5th. The electronics maker reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.11). The business had revenue of $233.70 million during the quarter, compared to analyst estimates of $219.44 million. Methode Electronics had a negative net margin of 6.58% and a negative return on equity of 8.04%. As a group, sell-side analysts expect that Methode Electronics, Inc. will post -0.89 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 17th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, April 17th. Methode Electronics’s dividend payout ratio is -10.99%.

Institutional Investors Weigh In On Methode Electronics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP lifted its stake in shares of Methode Electronics by 102.0% in the third quarter. GSA Capital Partners LLP now owns 376,777 shares of the electronics maker’s stock worth $2,845,000 after buying an additional 190,244 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Methode Electronics by 51.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 291,065 shares of the electronics maker’s stock valued at $2,198,000 after buying an additional 99,308 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in Methode Electronics by 84.8% in the 3rd quarter. Tudor Investment Corp ET AL now owns 162,766 shares of the electronics maker’s stock worth $1,229,000 after acquiring an additional 74,701 shares during the period. Penn Capital Management Company LLC bought a new position in Methode Electronics in the 3rd quarter worth $1,340,000. Finally, Towle & Co. lifted its position in Methode Electronics by 8.1% during the 3rd quarter. Towle & Co. now owns 1,033,223 shares of the electronics maker’s stock worth $7,801,000 after acquiring an additional 77,302 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.