Methode Electronics (NYSE:MEI) Trading Up 6.4% – Here’s Why

Methode Electronics, Inc. (NYSE:MEI)’s stock price was up 6.4% on Friday . The company traded as high as $14.48 and last traded at $14.4550. 187,977 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 680,849 shares. The stock had previously closed at $13.59.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research upgraded shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Robert W. Baird boosted their price target on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a report on Friday, July 17th. Craig Hallum started coverage on Methode Electronics in a report on Tuesday, August 25th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.00.

Methode Electronics Price Performance

The firm has a market cap of $519.81 million, a PE ratio of -14.02 and a beta of 1.54. The company has a current ratio of 2.41, a quick ratio of 1.65 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average price of $15.78 and a 200 day moving average price of $11.67.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.05. The firm had revenue of $265.40 million during the quarter, compared to the consensus estimate of $238.31 million. Methode Electronics had a negative return on equity of 5.63% and a negative net margin of 3.52%. On average, sell-side analysts expect that Methode Electronics, Inc. will post -0.81 EPS for the current year.

Institutional Investors Weigh In On Methode Electronics

Several institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Methode Electronics during the 2nd quarter worth approximately $65,727,000. AIGH Capital Management LLC acquired a new stake in Methode Electronics during the 2nd quarter valued at $31,839,000. Empowered Funds LLC purchased a new position in Methode Electronics during the second quarter worth $11,882,000. 4D Advisors LLC purchased a new position in Methode Electronics during the fourth quarter worth $3,320,000. Finally, UBS Group AG raised its holdings in shares of Methode Electronics by 887.1% in the third quarter. UBS Group AG now owns 476,974 shares of the electronics maker’s stock worth $3,601,000 after acquiring an additional 428,654 shares during the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.