Methode Electronics (NYSE:MEI) Shares Down 6% – Time to Sell?

Methode Electronics, Inc. (NYSE:MEI)’s share price was down 6% on Tuesday . The company traded as low as $14.55 and last traded at $14.7490. Approximately 125,004 shares were traded during mid-day trading, a decline of 82% from the average session volume of 678,537 shares. The stock had previously closed at $15.69.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MEI shares. Wall Street Zen downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Craig Hallum started coverage on Methode Electronics in a report on Tuesday, August 25th. They issued a “buy” rating and a $30.00 target price for the company. Robert W. Baird increased their target price on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Sidoti reissued a “neutral” rating and set a $17.00 price target on shares of Methode Electronics in a research note on Friday, June 26th. Finally, Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research note on Monday, June 29th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Methode Electronics Stock Down 6.4%

The firm has a 50 day moving average of $16.01 and a 200 day moving average of $11.54. The firm has a market cap of $520.94 million, a price-to-earnings ratio of -14.07 and a beta of 1.54. The company has a quick ratio of 1.65, a current ratio of 2.41 and a debt-to-equity ratio of 0.47.

Methode Electronics (NYSE:MEI) last issued its earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.05. The business had revenue of $265.40 million for the quarter, compared to analyst estimates of $238.31 million. Methode Electronics had a negative net margin of 3.52% and a negative return on equity of 5.63%. As a group, sell-side analysts predict that Methode Electronics, Inc. will post -0.95 earnings per share for the current year.

Methode Electronics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were issued a dividend of $0.05 per share. The ex-dividend date was Friday, July 17th. This represents a $0.20 annualized dividend and a yield of 1.4%. Methode Electronics’s dividend payout ratio is presently -19.23%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in Methode Electronics by 1,027.4% during the 2nd 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 bought a new position in shares of Methode Electronics in the second quarter valued at approximately $40,000. Legal & General Group Plc bought a new position in shares of Methode Electronics in the second quarter valued at approximately $65,000. State of Wyoming purchased a new position in shares of Methode Electronics during the first quarter valued at approximately $93,000. Finally, Mackenzie Financial Corp bought a new stake in Methode Electronics during the third quarter worth $103,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.