Methode Electronics Inc. (NYSE:MEI) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Shareholders of record on Friday, July 12th will be given a dividend of 0.11 per share by the electronics maker on Friday, July 26th. This represents a $0.44 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Thursday, July 11th.
Methode Electronics has increased its dividend payment by an average of 6.9% per year over the last three years. Methode Electronics has a dividend payout ratio of 15.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Methode Electronics to earn $4.02 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 10.9%.
NYSE MEI opened at $27.64 on Tuesday. The company has a quick ratio of 1.86, a current ratio of 2.51 and a debt-to-equity ratio of 0.40. The stock has a market cap of $1.05 billion, a P/E ratio of 9.34 and a beta of 1.51. The firm’s 50-day simple moving average is $26.69. Methode Electronics has a one year low of $20.99 and a one year high of $41.30.
Separately, Zacks Investment Research downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $40.25.
About Methode Electronics
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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