Methode Electronics Inc. (NYSE:MEI) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 810,100 shares, an increase of 35.3% from the May 15th total of 598,600 shares. Currently, 2.3% of the company’s shares are sold short. Based on an average daily trading volume, of 214,200 shares, the short-interest ratio is presently 3.8 days.
A number of equities analysts have issued reports on MEI shares. Zacks Investment Research upgraded Methode Electronics from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Craig Hallum upgraded Methode Electronics from a “hold” rating to a “buy” rating and raised their target price for the stock from $25.00 to $42.00 in a report on Friday, March 8th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $40.25.
Several large investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC lifted its holdings in shares of Methode Electronics by 3.4% during the 1st quarter. Mason Street Advisors LLC now owns 11,879 shares of the electronics maker’s stock valued at $342,000 after purchasing an additional 393 shares in the last quarter. Piedmont Investment Advisors Inc. raised its position in Methode Electronics by 5.6% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 9,280 shares of the electronics maker’s stock valued at $267,000 after buying an additional 495 shares during the last quarter. Private Capital Group LLC raised its position in Methode Electronics by 155.2% in the 1st quarter. Private Capital Group LLC now owns 906 shares of the electronics maker’s stock valued at $26,000 after buying an additional 551 shares during the last quarter. Chartwell Investment Partners LLC raised its position in Methode Electronics by 0.8% in the 1st quarter. Chartwell Investment Partners LLC now owns 75,078 shares of the electronics maker’s stock valued at $2,161,000 after buying an additional 615 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Methode Electronics by 1.5% in the 4th quarter. First Trust Advisors LP now owns 41,999 shares of the electronics maker’s stock valued at $978,000 after buying an additional 623 shares during the last quarter. Institutional investors and hedge funds own 92.38% of the company’s stock.
Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Thursday, June 20th. The electronics maker reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.08). Methode Electronics had a net margin of 9.16% and a return on equity of 16.20%. The business had revenue of $266.00 million for the quarter, compared to the consensus estimate of $274.36 million. During the same quarter last year, the firm earned $0.98 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities analysts expect that Methode Electronics will post 3.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 12th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, July 11th. Methode Electronics’s dividend payout ratio (DPR) is presently 14.86%.
Methode Electronics Company Profile
Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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