Methode Electronics (NYSE:MEI) Stock Price Up 8.3% – Still a Buy?

Methode Electronics, Inc. (NYSE:MEI) shot up 8.3% on Tuesday . The company traded as high as $17.14 and last traded at $17.1310. Approximately 615,800 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 682,232 shares. The stock had previously closed at $15.82.

Analyst Upgrades and Downgrades

Several analysts have commented on MEI shares. Robert W. Baird raised their price objective on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Sidoti reaffirmed a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a research note on Friday, June 26th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday. Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a research note on Tuesday, April 21st. Finally, Barrington Research raised 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 report on Monday, June 29th. One investment 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. According to MarketBeat.com, Methode Electronics presently has a consensus rating of “Reduce” and a consensus target price of $19.33.

Methode Electronics Stock Down 9.4%

The business has a fifty day simple moving average of $13.16 and a 200 day simple moving average of $9.35. The firm has a market cap of $560.07 million, a price-to-earnings ratio of -15.63 and a beta of 1.47. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66.

Methode Electronics (NYSE:MEI) last issued 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). Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%.The firm had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. As a group, equities analysts forecast 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. Shareholders of record on Friday, July 17th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, July 17th. Methode Electronics’s payout ratio is -19.80%.

Institutional Investors Weigh In On Methode Electronics

A number of hedge funds have recently modified their holdings of MEI. EverSource Wealth Advisors LLC boosted its position in Methode Electronics by 1,027.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 2,815 shares during the last quarter. State of Wyoming acquired a new stake in Methode Electronics in the 1st quarter valued at about $93,000. Mackenzie Financial Corp purchased a new position in Methode Electronics in the 3rd quarter worth approximately $103,000. XTX Topco Ltd acquired a new position in shares of Methode Electronics during the 2nd quarter worth approximately $107,000. Finally, Inscription Capital LLC acquired a new position in shares of Methode Electronics during the 4th quarter worth approximately $112,000. 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.