Methode Electronics (NYSE:MEI) Shares Up 4.7% – Still a Buy?

Methode Electronics, Inc. (NYSE:MEI)’s stock price rose 4.7% during mid-day trading on Thursday. The company traded as high as $15.64 and last traded at $15.8210. Approximately 128,993 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 672,385 shares. The stock had previously closed at $15.11.

Wall Street Analyst Weigh In

MEI has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Craig Hallum initiated coverage on Methode Electronics in a research report on Tuesday, August 25th. They set a “buy” rating and a $30.00 price objective for the company. Zacks Research upgraded Methode Electronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Wall Street Zen downgraded Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Finally, Sidoti reissued a “neutral” rating and issued a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. Two investment 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $22.00.

Methode Electronics Stock Up 2.1%

The stock has a 50-day moving average price of $15.30 and a 200-day moving average price of $12.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.41 and a quick ratio of 1.65. The company has a market capitalization of $549.87 million, a P/E ratio of -14.88 and a beta of 1.57.

Methode Electronics (NYSE:MEI) last announced its earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The business 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 5.63%. On average, research analysts predict that Methode Electronics, Inc. will post -0.81 EPS for the current fiscal year.

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, October 16th. Methode Electronics’s dividend payout ratio is presently -19.23%.

Institutional Investors Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Methode Electronics during the second quarter valued at about $65,727,000. AIGH Capital Management LLC bought a new stake in Methode Electronics during the second quarter worth about $31,839,000. Empowered Funds LLC purchased a new position in shares of Methode Electronics in the 2nd quarter worth about $11,882,000. 4D Advisors LLC purchased a new position in shares of Methode Electronics in the 4th quarter worth about $3,320,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Methode Electronics during the 2nd quarter valued at about $5,233,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

About Methode Electronics

Methode Electronics, Inc is a global designer and manufacturer of custom-engineered electrical and electronic products. The company develops solutions that connect, control, sense and illuminate systems for original equipment manufacturers and other industrial customers.

Its products include sensors, switches and other user-interface components; LED lighting systems; power distribution and management products; flexible circuits and interconnect technologies; and electronic and electromechanical assemblies.