Methode Electronics (NYSE:MEI) Shares Cross Above 200-Day Moving Average – Here’s Why

Shares of Methode Electronics, Inc. (NYSE:MEI) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $9.67 and traded as high as $16.90. Methode Electronics shares last traded at $16.4380, with a volume of 474,506 shares traded.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Zacks Research downgraded Methode Electronics from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a report on Friday, July 17th. Finally, Sidoti reissued a “neutral” rating and set a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $19.33.

Methode Electronics Trading Down 0.6%

The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The business’s 50-day simple moving average is $13.69 and its two-hundred day simple moving average is $9.67. The stock has a market capitalization of $583.06 million, a price-to-earnings ratio of -16.28 and a beta of 1.47.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (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. On average, research analysts anticipate that Methode Electronics, Inc. will post -0.95 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

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 given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, July 17th. Methode Electronics’s dividend payout ratio is -19.80%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in shares of Methode Electronics by 1,027.4% in the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after buying an additional 2,815 shares during the period. XTX Topco Ltd acquired a new stake in shares of Methode Electronics in the second quarter valued at about $107,000. Mackenzie Financial Corp purchased a new stake in shares of Methode Electronics during the 3rd quarter valued at about $103,000. Inscription Capital LLC purchased a new stake in shares of Methode Electronics during the 4th quarter valued at about $112,000. Finally, State of Wyoming acquired a new position in Methode Electronics during the 1st quarter worth approximately $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.