Methode Electronics (NYSE:MEI) Trading Down 8.2% – Here’s What Happened

Shares of Methode Electronics, Inc. (NYSE:MEI) dropped 8.2% on Wednesday . The stock traded as low as $16.33 and last traded at $15.9950. 156,498 shares were traded during trading, a decline of 77% from the average daily volume of 682,294 shares. The stock had previously closed at $17.42.

Analyst Upgrades and Downgrades

MEI has been the subject of a number of research analyst reports. Barrington Research upgraded Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Monday, June 29th. Robert W. Baird upped their price objective on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research report on Tuesday, April 21st. Sidoti reiterated a “neutral” rating and issued a $17.00 target price on shares of Methode Electronics in a research note on Friday, June 26th. Finally, Wall Street Zen downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $19.33.

Methode Electronics Trading Down 12.2%

The stock has a 50-day simple moving average of $13.03 and a 200 day simple moving average of $9.29. 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 $542.26 million, a price-to-earnings ratio of -15.18 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 for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. The firm had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. As a group, equities research analysts predict that Methode Electronics, Inc. will post -0.95 EPS for the current fiscal year.

Methode Electronics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, July 17th. Methode Electronics’s dividend payout ratio is -19.80%.

Hedge Funds Weigh In On Methode Electronics

A number of institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its stake in Methode Electronics by 1,027.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 2,815 shares during the period. XTX Topco Ltd acquired a new stake in shares of Methode Electronics in the second quarter worth $107,000. Mackenzie Financial Corp purchased a new position in shares of Methode Electronics during the third quarter worth $103,000. Inscription Capital LLC purchased a new position in shares of Methode Electronics during the fourth quarter worth $112,000. Finally, State of Wyoming acquired a new position in Methode Electronics during the first quarter valued at $93,000. 95.49% of the stock is owned by hedge funds and other 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.