Short Interest in Methode Electronics, Inc. (NYSE:MEI) Declines By 26.1%

Methode Electronics, Inc. (NYSE:MEI - Get Free Report) was the target of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 1,050,000 shares, a drop of 26.1% from the May 15th total of 1,420,000 shares. Based on an average daily trading volume, of 372,400 shares, the days-to-cover ratio is presently 2.8 days. Currently, 3.2% of the company's stock are short sold.

Hedge Funds Weigh In On Methode Electronics

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in shares of Methode Electronics by 176.7% during the 4th quarter. JPMorgan Chase & Co. now owns 263,381 shares of the electronics maker's stock worth $3,105,000 after purchasing an additional 168,188 shares in the last quarter. Barclays PLC lifted its position in Methode Electronics by 42.1% during the fourth quarter. Barclays PLC now owns 181,716 shares of the electronics maker's stock worth $2,143,000 after purchasing an additional 53,799 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Methode Electronics by 2,396.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 287,440 shares of the electronics maker's stock worth $3,389,000 after buying an additional 275,926 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Methode Electronics by 30.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 43,763 shares of the electronics maker's stock valued at $516,000 after buying an additional 10,283 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Methode Electronics by 4.4% in the 4th quarter. Deutsche Bank AG now owns 274,108 shares of the electronics maker's stock valued at $3,232,000 after buying an additional 11,439 shares in the last quarter. Institutional investors own 95.49% of the company's stock.

Methode Electronics Stock Performance

MEI stock traded up $0.02 during trading hours on Thursday, hitting $9.11. 270,997 shares of the stock were exchanged, compared to its average volume of 467,039. Methode Electronics has a 12 month low of $5.08 and a 12 month high of $17.45. The company has a current ratio of 2.84, a quick ratio of 1.75 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $325.17 million, a P/E ratio of -3.49 and a beta of 0.97. The company has a 50-day simple moving average of $7.32 and a two-hundred day simple moving average of $9.12.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Sidoti raised shares of Methode Electronics from a "neutral" rating to a "buy" rating and set a $14.00 price objective on the stock in a research report on Tuesday, February 25th. Robert W. Baird reduced their target price on Methode Electronics from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th.

Methode Electronics Company Profile

Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.