Methode Electronics (NYSE:MEI) Trading Down 6.2% – What’s Next?

Methode Electronics, Inc. (NYSE:MEI) shares were down 6.2% during trading on Thursday . The stock traded as low as $17.28 and last traded at $17.2650. Approximately 40,150 shares traded hands during trading, a decline of 94% from the average daily volume of 676,543 shares. The stock had previously closed at $18.41.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MEI shares. Sidoti reaffirmed a “neutral” rating and issued a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a research report on Tuesday, April 21st. Barrington Research upgraded 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 research note on Monday. Robert W. Baird raised their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Zacks Research downgraded shares of Methode Electronics from a “hold” rating to a “strong sell” rating in a research note on Tuesday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $19.33.

Methode Electronics Stock Down 11.4%

The stock has a market cap of $578.22 million, a PE ratio of -16.15 and a beta of 1.59. The firm has a fifty day moving average of $11.63 and a 200 day moving average of $8.72. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.48.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $298.10 million for the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%. On average, equities research analysts anticipate that Methode Electronics, Inc. will post -0.95 EPS for the current fiscal year.

Methode Electronics Dividend Announcement

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

Hedge Funds Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEI. EverSource Wealth Advisors LLC increased its stake in 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. State of Wyoming acquired a new stake in Methode Electronics during the first quarter worth approximately $93,000. Mackenzie Financial Corp purchased a new stake in shares of Methode Electronics during the 3rd quarter worth approximately $103,000. XTX Topco Ltd acquired a new position in shares of Methode Electronics in the 2nd quarter valued at $107,000. Finally, Inscription Capital LLC acquired a new position in shares of Methode Electronics in the 4th quarter valued at $112,000. 95.49% of the stock is 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.