Methode Electronics, Inc. (NYSE:MEI) Sees Large Increase in Short Interest

Methode Electronics, Inc. (NYSE:MEI) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 1,429,217 shares, a growth of 19.6% from the March 15th total of 1,195,282 shares. Based on an average daily volume of 514,806 shares, the days-to-cover ratio is presently 2.8 days. Approximately 4.1% of the shares of the stock are sold short.

Methode Electronics Stock Up 2.0%

Shares of NYSE:MEI opened at $7.20 on Friday. Methode Electronics has a 1 year low of $4.88 and a 1 year high of $10.77. The business has a 50 day simple moving average of $7.00 and a two-hundred day simple moving average of $7.15. The firm has a market capitalization of $255.17 million, a PE ratio of -3.96 and a beta of 1.19. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.41 and a quick ratio of 1.55.

Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, March 5th. The electronics maker reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.11). Methode Electronics had a negative net margin of 6.58% and a negative return on equity of 8.04%. The business had revenue of $233.70 million for the quarter, compared to analysts’ expectations of $219.44 million. On average, equities analysts predict that Methode Electronics will post -0.4 EPS for the current year.

Methode Electronics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Friday, April 17th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, April 17th. Methode Electronics’s payout ratio is -10.99%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Hsbc Holdings PLC boosted its position in shares of Methode Electronics by 12.5% during the fourth quarter. Hsbc Holdings PLC now owns 138,125 shares of the electronics maker’s stock valued at $916,000 after buying an additional 15,384 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of Methode Electronics by 46.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 58,822 shares of the electronics maker’s stock valued at $391,000 after buying an additional 18,752 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Methode Electronics by 21.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,781 shares of the electronics maker’s stock valued at $145,000 after purchasing an additional 3,778 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Methode Electronics by 1,841.5% in the fourth quarter. Mackenzie Financial Corp now owns 265,157 shares of the electronics maker’s stock valued at $1,768,000 after purchasing an additional 251,500 shares during the period. Finally, Empowered Funds LLC boosted its holdings in shares of Methode Electronics by 6.5% in the fourth quarter. Empowered Funds LLC now owns 418,122 shares of the electronics maker’s stock valued at $2,776,000 after purchasing an additional 25,684 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Analysts Set New Price Targets

MEI has been the topic of several research reports. Robert W. Baird set a $8.50 target price on Methode Electronics in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Methode Electronics has a consensus rating of “Reduce” and a consensus price target of $8.50.

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.