Methode Electronics (NYSE:MEI) Shares Up 6.4% – Should You Buy?

Shares of Methode Electronics, Inc. (NYSE:MEI) traded up 6.4% during trading on Friday . The company traded as high as $14.48 and last traded at $14.4550. 187,977 shares traded hands 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 Upgrades and Downgrades

Several analysts recently issued reports on the company. Robert W. Baird raised their price target on Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Wall Street Zen downgraded Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Zacks Research upgraded Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research report on Monday, June 29th. Finally, Craig Hallum started coverage on shares of Methode Electronics in a report on Tuesday, August 25th. They issued a “buy” rating and a $30.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Methode Electronics presently has an average rating of “Hold” and an average target price of $22.00.

Methode Electronics Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.65 and a current ratio of 2.41. The firm has a market capitalization of $512.57 million, a P/E ratio of -13.89 and a beta of 1.54. The business has a fifty day moving average of $15.79 and a 200-day moving average of $11.65.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $265.40 million for the quarter, compared to analyst estimates 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 forecast that Methode Electronics, Inc. will post -0.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MEI. Empowered Funds LLC lifted its position in Methode Electronics by 8.3% in the first 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 period. Strs Ohio bought a new stake in shares of Methode Electronics in the 1st quarter worth $133,000. JPMorgan Chase & Co. lifted its holdings 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 period. Franklin Resources Inc. bought a new position in Methode Electronics during the second quarter valued at about $234,000. Finally, XTX Topco Ltd bought a new position in shares of Methode Electronics during the 2nd quarter valued at about $107,000. 95.49% of the stock is currently owned by 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.