Methode Electronics (NYSE:MEI) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

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 $7.79 and traded as high as $13.53. Methode Electronics shares last traded at $13.2350, with a volume of 1,204,375 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $8.50.

Methode Electronics Price Performance

The company has a quick ratio of 1.55, a current ratio of 2.41 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $468.92 million, a price-to-earnings ratio of -7.27 and a beta of 1.59. The business has a 50-day moving average price of $8.59 and a two-hundred day moving average price of $7.79.

Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, March 5th. The electronics maker reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.11). Methode Electronics had a negative return on equity of 8.04% and a negative net margin of 6.58%.The business had revenue of $233.70 million during the quarter, compared to analyst estimates of $219.44 million. As a group, research analysts anticipate that Methode Electronics, Inc. will post -0.89 EPS for the current year.

Methode Electronics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, April 17th. Methode Electronics’s dividend payout ratio is currently -10.99%.

Institutional Investors Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently made changes to their positions in MEI. EverSource Wealth Advisors LLC raised its position in Methode Electronics by 1,027.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after buying an additional 2,815 shares during the last quarter. State of Wyoming purchased a new stake in Methode Electronics in the 1st quarter valued at $93,000. Mackenzie Financial Corp purchased a new stake in Methode Electronics in the 3rd quarter valued at $103,000. XTX Topco Ltd purchased a new stake in Methode Electronics in the 2nd quarter valued at $107,000. Finally, Inscription Capital LLC purchased a new stake in Methode Electronics in the 4th quarter valued at $112,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.