Methode Electronics (NYSE:MEI) Upgraded to Buy at Wall Street Zen

Methode Electronics (NYSE:MEI) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also issued research reports about the stock. Barrington Research raised shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a report on Monday, June 29th. 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 report on Friday, June 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Zacks Research downgraded shares of Methode Electronics from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Finally, Sidoti reissued a “neutral” rating and issued a $17.00 target price on shares of Methode Electronics in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $19.33.

Methode Electronics Trading Down 4.3%

Shares of MEI stock opened at $15.34 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The company has a market cap of $544.11 million, a price-to-earnings ratio of -15.19 and a beta of 1.47. The stock has a 50 day simple moving average of $13.89 and a 200-day simple moving average of $9.77. Methode Electronics has a 1-year low of $4.88 and a 1-year high of $20.38.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $298.10 million for the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. On average, equities research analysts expect that Methode Electronics will post -0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On Methode Electronics

Several large investors have recently made changes to their positions in MEI. Vanguard Group Inc. lifted its stake in Methode Electronics by 4.5% during the third quarter. Vanguard Group Inc. now owns 3,169,009 shares of the electronics maker’s stock worth $23,926,000 after purchasing an additional 136,842 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Methode Electronics by 9.1% in the fourth quarter. Federated Hermes Inc. now owns 1,441,165 shares of the electronics maker’s stock valued at $9,569,000 after buying an additional 120,202 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Methode Electronics by 31.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,380,436 shares of the electronics maker’s stock valued at $9,166,000 after buying an additional 331,618 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Methode Electronics by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,351,962 shares of the electronics maker’s stock valued at $7,463,000 after buying an additional 52,821 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Methode Electronics by 29.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,209,756 shares of the electronics maker’s stock worth $11,505,000 after acquiring an additional 276,923 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Methode Electronics Company Profile

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.