Methode Electronics (NYSE:MEI) Stock Price Down 9.7% – Here’s Why

Shares of Methode Electronics, Inc. (NYSE:MEI) were down 9.7% during trading on Tuesday . The stock traded as low as $16.17 and last traded at $16.3350. Approximately 99,808 shares were traded during mid-day trading, a decline of 85% from the average session volume of 661,341 shares. The stock had previously closed at $18.08.

Analyst Ratings Changes

Several research firms have commented on MEI. Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Monday, June 29th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Zacks Research upgraded Methode Electronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Robert W. Baird increased their price target on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Methode Electronics currently has a consensus rating of “Hold” and a consensus price target of $19.33.

Methode Electronics Trading Down 11.3%

The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. The company’s 50-day moving average price is $15.42 and its 200-day moving average price is $10.84. The firm has a market capitalization of $503.85 million, a PE ratio of -14.06 and a beta of 1.50.

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

Methode Electronics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics’s dividend payout ratio (DPR) is -19.80%.

Hedge Funds Weigh In On Methode Electronics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its holdings in Methode Electronics by 8.3% during the first quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker’s stock worth $812,000 after purchasing an additional 9,787 shares in the last quarter. Strs Ohio acquired a new position in shares of Methode Electronics in the 1st quarter valued at $133,000. JPMorgan Chase & Co. boosted its holdings in shares of Methode Electronics by 10.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker’s stock valued at $1,824,000 after buying an additional 17,418 shares in the last quarter. Franklin Resources Inc. purchased a new position in shares of Methode Electronics in the 2nd quarter valued at $234,000. Finally, XTX Topco Ltd purchased a new position in shares of Methode Electronics in the 2nd quarter valued at $107,000. 95.49% of the stock is 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.