Methode Electronics (NYSE:MEI) Shares Cross Above 200-Day Moving Average – Here’s Why

Methode Electronics, Inc. (NYSE:MEI)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.67 and traded as high as $16.90. Methode Electronics shares last traded at $16.4380, with a volume of 474,506 shares traded.

Wall Street Analyst Weigh In

MEI has been the topic of a number of recent research reports. Barrington Research raised 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, June 29th. Wall Street Zen downgraded Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Sidoti reissued a “neutral” rating and issued a $17.00 price target on shares of Methode Electronics in a report on Friday, June 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Finally, Robert W. Baird increased their price objective on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Methode Electronics has a consensus rating of “Reduce” and an average target price of $19.33.

Methode Electronics Trading Down 0.6%

The business’s 50-day moving average price is $13.69 and its two-hundred day moving average price is $9.67. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The firm has a market cap of $583.06 million, a price-to-earnings ratio of -16.28 and a beta of 1.47.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm 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 3.50% and a negative return on equity of 5.59%. Equities analysts expect that Methode Electronics, Inc. will post -0.95 earnings per share for the current year.

Methode Electronics Announces Dividend

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

Hedge Funds Weigh In On Methode Electronics

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