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

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

A number of other research analysts have also issued reports on MEI. Zacks Research lowered Methode Electronics from a “hold” rating to a “strong sell” rating in a research report on Tuesday. 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 report on Friday, June 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research report on Tuesday, April 21st. Sidoti reaffirmed a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a report on Friday, June 26th. Finally, Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Methode Electronics presently has an average rating of “Reduce” and an average target price of $19.33.

Methode Electronics Price Performance

Shares of Methode Electronics stock opened at $15.19 on Friday. The firm has a market cap of $538.72 million, a PE ratio of -15.04 and a beta of 1.47. Methode Electronics has a twelve month low of $4.88 and a twelve month high of $20.38. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $11.94 and a 200 day moving average price of $8.82.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its stake in Methode Electronics by 8.3% during the 1st quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker’s stock worth $812,000 after purchasing an additional 9,787 shares during the last quarter. Strs Ohio purchased a new stake in shares of Methode Electronics during the first quarter worth $133,000. JPMorgan Chase & Co. raised its position in shares of Methode Electronics by 10.0% in the second quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker’s stock valued at $1,824,000 after buying an additional 17,418 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Methode Electronics in the second quarter valued at about $234,000. Finally, XTX Topco Ltd purchased a new position in shares of Methode Electronics in the second quarter worth about $107,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

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.