Short Interest in Methode Electronics, Inc. (NYSE:MEI) Rises By 19.6%

Methode Electronics, Inc. (NYSE:MEI) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 1,429,217 shares, an increase of 19.6% from the March 15th total of 1,195,282 shares. Based on an average daily volume of 514,806 shares, the days-to-cover ratio is presently 2.8 days. Currently, 4.1% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MEI shares. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a report on Thursday, January 22nd. Robert W. Baird set a $8.50 price objective on shares of Methode Electronics in a report on Wednesday, January 14th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $8.50.

Institutional Trading of Methode Electronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in Methode Electronics by 1,027.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after buying an additional 2,815 shares during the last quarter. Brighton Jones LLC acquired a new position in shares of Methode Electronics during the third quarter worth approximately $90,000. Mackenzie Financial Corp acquired a new position in shares of Methode Electronics during the third quarter worth approximately $103,000. XTX Topco Ltd acquired a new position in shares of Methode Electronics during the second quarter worth approximately $107,000. Finally, Inscription Capital LLC acquired a new position in shares of Methode Electronics during the fourth quarter worth approximately $112,000. Institutional investors own 95.49% of the company’s stock.

Methode Electronics Price Performance

NYSE MEI traded up $0.14 on Friday, reaching $7.20. The company’s stock had a trading volume of 266,020 shares, compared to its average volume of 415,434. The firm has a market cap of $255.17 million, a PE ratio of -3.96 and a beta of 1.19. The business has a 50-day moving average price of $7.00 and a 200 day moving average price of $7.15. Methode Electronics has a 52 week low of $4.88 and a 52 week high of $10.77. The company has a current ratio of 2.41, a quick ratio of 1.55 and a debt-to-equity ratio of 0.50.

Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, March 5th. The electronics maker reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.11). The business had revenue of $233.70 million during the quarter, compared to the consensus estimate of $219.44 million. Methode Electronics had a negative net margin of 6.58% and a negative return on equity of 8.04%. Sell-side analysts expect that Methode Electronics will post -0.4 EPS for the current year.

Methode Electronics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Friday, April 17th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Friday, April 17th. This represents a $0.20 dividend on an annualized basis and a yield of 2.8%. Methode Electronics’s payout ratio is presently -10.99%.

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.