Methode Electronics (NYSE:MEI) Shares Gap Up – Here’s What Happened

Methode Electronics, Inc. (NYSE:MEI)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $14.03, but opened at $15.73. Methode Electronics shares last traded at $16.0060, with a volume of 44,096 shares trading hands.

Analyst Upgrades and Downgrades

MEI has been the topic of several recent analyst reports. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research note on Monday, June 29th. Sidoti restated a “neutral” rating and issued a $17.00 price objective on shares of Methode Electronics in a report on Friday, June 26th. Wall Street Zen cut shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Zacks Research raised shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Methode Electronics Stock Performance

The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $573.55 million, a price-to-earnings ratio of -15.99 and a beta of 1.50. The stock’s fifty day simple moving average is $15.57 and its 200-day simple moving average is $10.97.

Methode Electronics (NYSE:MEI) last posted its quarterly 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). Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%.The business had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Analysts predict that Methode Electronics, Inc. will post -0.95 EPS for the current year.

Methode Electronics Announces Dividend

The company also recently disclosed 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 1.2%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics’s payout ratio is -19.80%.

Institutional Investors Weigh In On Methode Electronics

Institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its holdings in shares of 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 during the last quarter. Strs Ohio purchased a new stake in shares of Methode Electronics in the 1st quarter valued at about $133,000. JPMorgan Chase & Co. boosted its position 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 period. Franklin Resources Inc. purchased a new position in Methode Electronics during the 2nd quarter worth approximately $234,000. Finally, XTX Topco Ltd purchased a new position in Methode Electronics during the 2nd quarter worth approximately $107,000. Hedge funds and other institutional investors 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.