Methode Electronics (MEI) Shares Up 5.5% Following Dividend Announcement

Shares of Methode Electronics Inc. (NYSE:MEI) shot up 5.5% during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $44.50 and last traded at $44.15. 610,500 shares changed hands during trading, an increase of 187% from the average session volume of 212,941 shares. The stock had previously closed at $41.85.

The newly announced dividend which will be paid on Friday, July 27th. Stockholders of record on Friday, July 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Thursday, July 12th. This represents a $0.44 annualized dividend and a dividend yield of 1.00%. Methode Electronics’s payout ratio is 17.25%.

Several brokerages have recently weighed in on MEI. Zacks Investment Research cut shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. ValuEngine cut shares of Methode Electronics from a “hold” rating to a “sell” rating in a research report on Friday, June 1st. TheStreet cut shares of Methode Electronics from a “b” rating to a “c+” rating in a research report on Friday, March 2nd. Finally, Robert W. Baird reissued an “outperform” rating and set a $51.00 price target (up previously from $48.00) on shares of Methode Electronics in a research report on Friday, March 2nd. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company. Methode Electronics has a consensus rating of “Hold” and an average price target of $49.00.



The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.47 and a current ratio of 4.03. The stock has a market cap of $1.54 billion, a P/E ratio of 17.33, a PEG ratio of 0.87 and a beta of 0.84.

A number of hedge funds and other institutional investors have recently bought and sold shares of MEI. Advisor Group Inc. lifted its position in Methode Electronics by 73.0% in the fourth quarter. Advisor Group Inc. now owns 3,965 shares of the electronics maker’s stock valued at $159,000 after buying an additional 1,673 shares during the last quarter. Pitcairn Co. acquired a new position in Methode Electronics in the first quarter valued at about $216,000. Dubuque Bank & Trust Co. lifted its position in Methode Electronics by 24.8% in the first quarter. Dubuque Bank & Trust Co. now owns 6,293 shares of the electronics maker’s stock valued at $246,000 after buying an additional 1,250 shares during the last quarter. Jump Trading LLC acquired a new position in Methode Electronics in the fourth quarter valued at about $247,000. Finally, Xact Kapitalforvaltning AB acquired a new position in Methode Electronics in the first quarter valued at about $260,000. 92.45% of the stock is currently owned by institutional investors.

Methode Electronics Company Profile

Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.

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