Methode Electronics (NYSE:MEI) Stock Price Up 7.3% – Time to Buy?

Shares of Methode Electronics, Inc. (NYSE:MEI) traded up 7.3% during trading on Wednesday . The stock traded as high as $17.37 and last traded at $17.22. 333,586 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 661,325 shares. The stock had previously closed at $16.05.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MEI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Craig Hallum assumed coverage on Methode Electronics in a report on Tuesday. They set a “buy” rating and a $30.00 price objective on the stock. Sidoti reissued a “neutral” rating and issued a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. Wall Street Zen downgraded Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Finally, Robert W. Baird upped their price target on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Methode Electronics Stock Up 7.3%

The firm’s 50 day moving average price is $15.66 and its 200-day moving average price is $11.02. 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 cap of $610.83 million, a P/E ratio of -17.05 and a beta of 1.50.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. As a group, equities research analysts expect that Methode Electronics, Inc. will post -0.95 EPS for the current year.

Methode Electronics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, July 17th. Methode Electronics’s dividend payout ratio is currently -19.80%.

Institutional Trading of Methode Electronics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Methode Electronics during the 2nd quarter worth approximately $65,727,000. AIGH Capital Management LLC acquired a new position in shares of Methode Electronics in the 2nd quarter valued at $31,839,000. Empowered Funds LLC bought a new stake in shares of Methode Electronics in the 2nd quarter valued at $11,882,000. 4D Advisors LLC acquired a new stake in shares of Methode Electronics during the fourth quarter worth about $3,320,000. Finally, UBS Group AG lifted its holdings in shares of Methode Electronics by 887.1% during the 3rd quarter. UBS Group AG now owns 476,974 shares of the electronics maker’s stock valued at $3,601,000 after purchasing an additional 428,654 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

About Methode Electronics

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.