Methode Electronics (NYSE:MEI) Hits New 1-Year High – Here’s Why

Methode Electronics, Inc. (NYSE:MEI)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $14.80 and last traded at $14.5390, with a volume of 8079844 shares traded. The stock had previously closed at $9.36.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Robert W. Baird set a $8.50 price target on Methode Electronics in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Methode Electronics has an average rating of “Reduce” and a consensus target price of $8.50.

Methode Electronics Stock Up 48.6%

The business’s 50 day simple moving average is $6.88 and its 200-day simple moving average is $7.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.55 and a current ratio of 2.41. The company has a market cap of $492.90 million, a price-to-earnings ratio of -7.64 and a beta of 1.46.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, March 5th. The electronics maker reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.11). The company had revenue of $233.70 million during the quarter, compared to analyst estimates of $219.44 million. Methode Electronics had a negative return on equity of 8.04% and a negative net margin of 6.58%. Sell-side analysts expect that Methode Electronics, Inc. will post -0.89 earnings per share for the current year.

Methode Electronics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 17th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, April 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.4%. Methode Electronics’s dividend payout ratio (DPR) is -10.99%.

Hedge Funds Weigh In On Methode Electronics

Hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its stake in Methode Electronics by 8.3% in the first quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker’s stock valued at $812,000 after acquiring an additional 9,787 shares during the last quarter. Strs Ohio bought a new position in shares of Methode Electronics during the 1st quarter valued at $133,000. JPMorgan Chase & Co. lifted its stake 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 purchasing an additional 17,418 shares during the last quarter. Franklin Resources Inc. bought a new stake in Methode Electronics in the second quarter worth $234,000. Finally, XTX Topco Ltd bought a new stake in Methode Electronics in the second quarter worth $107,000. Institutional investors and hedge funds 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.