Methode Electronics (NYSE:MEI) Stock Crosses Above 50 Day Moving Average – Here’s Why

Shares of Methode Electronics, Inc. (NYSE:MEI) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $14.76 and traded as high as $15.64. Methode Electronics shares last traded at $15.1620, with a volume of 869,876 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MEI. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Zacks Research raised shares of Methode Electronics from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 26th. Craig Hallum began coverage on shares of Methode Electronics in a report on Tuesday, August 25th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.00.

Methode Electronics Price Performance

The company has a market capitalization of $540.53 million, a PE ratio of -14.58 and a beta of 1.57. The company has a current ratio of 2.41, a quick ratio of 1.65 and a debt-to-equity ratio of 0.47. The company’s 50 day moving average price is $14.76 and its 200-day moving average price is $11.67.

Methode Electronics (NYSE:MEI) last issued its earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.05. Methode Electronics had a negative return on equity of 5.63% and a negative net margin of 3.52%. The business had revenue of $265.40 million for the quarter, compared to analyst estimates of $238.31 million. On average, sell-side analysts forecast that Methode Electronics, Inc. will post -0.81 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, October 16th. Methode Electronics’s payout ratio is currently -19.23%.

Institutional Trading of Methode Electronics

Institutional investors have recently modified their holdings of the company. AIGH Capital Management LLC raised its holdings in Methode Electronics by 18.1% in the third quarter. AIGH Capital Management LLC now owns 1,982,420 shares of the electronics maker’s stock valued at $27,338,000 after buying an additional 304,011 shares during the period. State of Alaska Department of Revenue acquired a new position in Methode Electronics during the third quarter valued at approximately $29,000. Integrated Wealth Concepts LLC acquired a new position in Methode Electronics during the second quarter valued at approximately $64,000. Allworth Financial LP lifted its position in Methode Electronics by 123.6% during the second quarter. Allworth Financial LP now owns 2,115 shares of the electronics maker’s stock valued at $40,000 after buying an additional 1,169 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Methode Electronics during the second quarter worth approximately $549,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

About Methode Electronics

Methode Electronics, Inc (NYSE: MEI) is a global designer and manufacturer of engineered electrical and electronic products. The company develops solutions that enable sensing, control, illumination, power distribution, and human-machine interaction across a range of markets.

Its products include sensors and switches, user-interface controls, LED lighting systems, power-distribution and interconnect products, and other customized electronic and electromechanical components. Methode serves customers in the automotive, industrial, aerospace, medical, construction equipment, data communications, and consumer markets.

Founded in 1946 and headquartered in Chicago, Illinois, Methode Electronics serves customers internationally through operations and facilities in North America, Europe, and Asia.