Methode Electronics (NYSE:MEI) Coverage Initiated by Analysts at Craig Hallum

Key Points

• Craig Hallum initiated coverage of Methode Electronics with a “buy” rating and a $30 price target, implying 113.75% potential upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “hold” rating from six analysts, with an average price target of $22.00.
• Methode reported a quarterly loss of $0.30 per share, missing estimates by $0.19, despite revenue of $298.1 million exceeding expectations; shares opened at $14.04.

Research analysts at Craig Hallum started coverage on shares of Methode Electronics (NYSE:MEI - Get Free Report) in a report released on Tuesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $30.00 price target on the electronics maker's stock. Craig Hallum's price objective points to a potential upside of 113.75% from the stock's previous close.

MEI has been the subject of several other reports. Wall Street Zen lowered shares of Methode Electronics from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Barrington Research raised Methode Electronics from a "market perform" rating to an "outperform" rating and set a $25.00 price target on the stock in a research report on Monday, June 29th. Robert W. Baird boosted their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Methode Electronics in a research report on Friday, July 17th. Finally, Zacks Research upgraded Methode Electronics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Methode Electronics currently has a consensus rating of "Hold" and an average price target of $22.00.

Methode Electronics Stock Down 1.7%

Shares of Methode Electronics stock opened at $14.04 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. Methode Electronics has a 1-year low of $4.88 and a 1-year high of $20.38. The business has a 50-day moving average of $15.57 and a 200-day moving average of $10.97. The company has a market capitalization of $497.82 million, a PE ratio of -13.90 and a beta of 1.50.

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

Institutional Investors Weigh In On Methode Electronics

A number of institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. boosted its position in shares of Methode Electronics by 87.7% during the 1st quarter. Sei Investments Co. now owns 465,973 shares of the electronics maker's stock valued at $2,572,000 after purchasing an additional 217,764 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Methode Electronics by 51.2% during the first quarter. Empowered Funds LLC now owns 632,346 shares of the electronics maker's stock valued at $3,491,000 after purchasing an additional 214,224 shares during the last quarter. 4D Advisors LLC purchased a new position in Methode Electronics in the 4th quarter worth about $3,320,000. Penn Capital Management Company LLC lifted its stake in Methode Electronics by 66.9% during the fourth quarter. Penn Capital Management Company LLC now owns 296,267 shares of the electronics maker's stock valued at $1,967,000 after buying an additional 118,749 shares in the last quarter. Finally, AIGH Capital Management LLC purchased a new position in shares of Methode Electronics in the second quarter worth approximately $31,839,000. 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.

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