Methode Electronics (MEI) will raise its quarterly dividend by 27.3 percent to 14 cents per share in 2021. This comes after a dividend hike of 22.2 percent to $0.11 per share announced in the first quarter of 2018 by the supplier of custom-engineered solutions for user interface, LED lighting system, and power distribution applications.
The new dividend will be paid on July 30, 2021, to common stockholders of record at the close of business on July 16, 2021. The ex-dividend date for MEI is July 15, 2021. A new annual dividend rate of 56 cents per share will yield an estimated 1.2% at a stock price of $49. Methode Electronics will now pay shareholders an estimated total annual dividend of $22 million based on calculations by dividendhike.com.
Methode Electronics, Inc. is a global developer of custom engineered and application specific products and solutions. The company designs, manufactures and markets devices employing electrical, electronic, wireless, safety radio remote control, sensing and optical technologies to control and convey signals through sensors, interconnections and controls. Our components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. MEI has manufacturing, design and testing facilities in Belgium, Canada, China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States.