Methode Electronics Inc. (MEI) Sees Large Volume Increase
Methode Electronics Inc. (NYSE:MEI) shares saw strong trading volume on Tuesday . 385,449 shares traded hands during mid-day trading, an increase of 41% from the previous session’s volume of 272,594 shares.The stock last traded at $34.81 and had previously closed at $35.35.
Several equities analysts have issued reports on the stock. B. Riley restated a “buy” rating and issued a $44.50 price target on shares of Methode Electronics in a research report on Tuesday, June 21st. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a research report on Friday, June 10th. Robert W. Baird raised shares of Methode Electronics from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $35.00 to $45.00 in a research note on Friday, June 24th. FBR & Co reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of Methode Electronics in a research note on Friday, June 24th. Finally, Dundee Securities upped their price objective on shares of Methode Electronics from C$0.15 to C$0.20 in a research note on Monday, April 4th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Methode Electronics has a consensus rating of “Hold” and a consensus price target of C$18.66.
The company has a market cap of $1.28 billion and a price-to-earnings ratio of 15.80. The stock has a 50-day moving average of $32.93 and a 200 day moving average of $29.31.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, June 23rd. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. During the same quarter in the previous year, the business earned $0.68 earnings per share. The business had revenue of $212.80 million for the quarter. The business’s quarterly revenue was down 6.4% on a year-over-year basis. On average, equities research analysts predict that Methode Electronics Inc. will post $2.30 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 29th. Shareholders of record on Friday, July 15th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Wednesday, July 13th.
In other Methode Electronics news, Director Paul G. Shelton sold 2,000 shares of Methode Electronics stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of C$34.99, for a total transaction of C$69,980.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Kill Theodore sold 8,000 shares of Methode Electronics stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of C$32.84, for a total transaction of C$262,720.00. Following the transaction, the vice president now directly owns 263,830 shares in the company, valued at C$8,664,177.20. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have bought and sold shares of the company. Alpha Omega Wealth Management LLC acquired a new position in Methode Electronics during the fourth quarter valued at approximately $2,153,000. Cornercap Investment Counsel Inc. increased its position in Methode Electronics by 4.8% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 50,765 shares of the company’s stock valued at $1,616,000 after buying an additional 2,305 shares during the period. New York State Common Retirement Fund increased its position in Methode Electronics by 56.5% in the fourth quarter. New York State Common Retirement Fund now owns 65,800 shares of the company’s stock valued at $2,094,000 after buying an additional 23,767 shares during the period. California Public Employees Retirement System increased its position in Methode Electronics by 18.2% in the fourth quarter. California Public Employees Retirement System now owns 106,700 shares of the company’s stock valued at $3,396,000 after buying an additional 16,400 shares during the period. Finally, LSV Asset Management acquired a new position in Methode Electronics during the fourth quarter valued at approximately $1,123,000.
Methode Electronics, Inc (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.