Methode Electronics (NYSE:MEI) Announces Quarterly Earnings Results, Beats Estimates By $999.20 EPS

Methode Electronics (NYSE:MEI) posted its quarterly earnings data on Wednesday. The electronics maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $999.20, Zacks reports. Methode Electronics had a negative return on equity of 8.04% and a negative net margin of 6.58%.

Methode Electronics Stock Down 1.8%

Shares of Methode Electronics stock traded down $0.24 on Wednesday, hitting $13.15. The company had a trading volume of 612,492 shares, compared to its average volume of 625,973. The stock has a 50-day moving average of $10.35 and a 200-day moving average of $8.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.41 and a quick ratio of 1.55. Methode Electronics has a twelve month low of $4.88 and a twelve month high of $15.55. The firm has a market capitalization of $466.08 million, a P/E ratio of -7.23 and a beta of 1.59.

Methode Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, July 17th. Methode Electronics’s dividend payout ratio is -10.99%.

Hedge Funds Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEI. EverSource Wealth Advisors LLC raised its stake in shares of 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 worth $29,000 after purchasing an additional 2,815 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Methode Electronics in the second quarter valued at $107,000. Mackenzie Financial Corp bought a new position in shares of Methode Electronics in the third quarter valued at $103,000. Quantbot Technologies LP increased its holdings in Methode Electronics by 92.7% during the third quarter. Quantbot Technologies LP now owns 17,331 shares of the electronics maker’s stock worth $131,000 after buying an additional 8,336 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Methode Electronics during the third quarter worth $136,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Methode Electronics currently has a consensus rating of “Reduce” and a consensus target price of $8.50.

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.