Methode Electronics (NYSE:MEI) Shares Gap Down on Analyst Downgrade

Posted by on Jun 14th, 2023

Methode Electronics, Inc. (NYSE:MEI – Get Rating)’s stock price gapped down before the market opened on Tuesday after Robert W. Baird lowered their price target on the stock from $49.00 to $42.00. The stock had previously closed at $45.07, but opened at $38.68. Methode Electronics shares last traded at $37.36, with a volume of 168,090 shares trading hands.

Separately, StockNews.com downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd.

Institutional Investors Weigh In On Methode Electronics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Advisory Services LLC bought a new stake in shares of Methode Electronics in the 1st quarter worth about $48,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Methode Electronics during the 4th quarter valued at about $53,000. Point72 Hong Kong Ltd bought a new stake in shares of Methode Electronics during the 2nd quarter valued at about $99,000. Tower Research Capital LLC TRC grew its position in shares of Methode Electronics by 52.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,219 shares of the electronics maker’s stock valued at $120,000 after buying an additional 1,103 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Methode Electronics by 29.5% during the 1st quarter. Captrust Financial Advisors now owns 3,824 shares of the electronics maker’s stock valued at $165,000 after buying an additional 870 shares during the last quarter. Institutional investors own 95.93% of the company’s stock.

Methode Electronics Trading Down 18.1 %

The company has a current ratio of 3.51, a quick ratio of 2.60 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average is $42.17 and its two-hundred day moving average is $44.73. The firm has a market cap of $1.33 billion, a P/E ratio of 16.04 and a beta of 1.12.

Methode Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 28th. Shareholders of record on Friday, April 14th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Thursday, April 13th. Methode Electronics’s payout ratio is 24.35%.

About Methode Electronics

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Methode Electronics, Inc engages in the manufacture of component and subsystem devices. It operates through the following segments: Automotive, Interface, Industrial, and Medical. The Automotive segment supplies electronic and electromechanical devices, and related products to automobile original equipment manufacturers.

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