Methode Electronics (NYSE:MEI) Sets New 1-Year High – Time to Buy?

Shares of Methode Electronics, Inc. (NYSE:MEI) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $17.35 and last traded at $16.4180, with a volume of 258839 shares traded. The stock had previously closed at $13.09.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a report on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $8.50.

Methode Electronics Trading Up 27.1%

The company has a 50-day moving average of $10.47 and a 200 day moving average of $8.31. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.41 and a quick ratio of 1.55. The company has a market cap of $589.59 million, a PE ratio of -9.10 and a beta of 1.59.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.10). The company had revenue of $298.10 million for the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative net margin of 6.58% and a negative return on equity of 8.04%. Analysts predict that Methode Electronics, Inc. will post -0.89 earnings per share for the current year.

Methode Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a $0.05 dividend. The ex-dividend date is Friday, July 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. Methode Electronics’s dividend payout ratio (DPR) is currently -10.99%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MEI. EverSource Wealth Advisors LLC grew its holdings 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. State of Wyoming bought a new position in shares of Methode Electronics during the first quarter valued at approximately $93,000. Mackenzie Financial Corp purchased a new stake in shares of Methode Electronics in the third quarter worth approximately $103,000. XTX Topco Ltd purchased a new stake in shares of Methode Electronics in the second quarter worth approximately $107,000. Finally, Inscription Capital LLC bought a new stake in shares of Methode Electronics during the 4th quarter worth approximately $112,000. Institutional investors 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.