Methode Electronics (NYSE:MEI) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Methode Electronics from “strong sell” to “hold.” Overall analyst sentiment remains “Hold,” with one Buy, three Hold, and one Sell rating, and an average price target of $19.33.
• Methode Electronics reported quarterly revenue of $298.1 million, above estimates, but posted an EPS loss of $0.30 that missed expectations by $0.19. Analysts expect a full-year loss of approximately $0.95 per share.
• The stock opened at $17.26, well above its 50-day and 200-day moving averages, while institutional investors and hedge funds own approximately 95.49% of outstanding shares.

Methode Electronics (NYSE:MEI - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on MEI. Robert W. Baird raised their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Wall Street Zen downgraded shares of Methode Electronics from a "buy" rating to a "hold" rating in a research note on Sunday. Sidoti reiterated a "neutral" rating and issued a $17.00 price target on shares of Methode Electronics in a report on Friday, June 26th. Barrington Research raised shares of Methode Electronics from a "market perform" rating to an "outperform" rating and set a $25.00 price objective for the company in a research note on Monday, June 29th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Methode Electronics in a report on Friday, July 17th. One equities research analyst has 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $19.33.

Methode Electronics Stock Performance

Methode Electronics stock opened at $17.26 on Tuesday. The stock has a fifty day moving average price of $14.47 and a 200 day moving average price of $10.22. Methode Electronics has a 52 week low of $4.88 and a 52 week high of $20.38. The firm has a market capitalization of $612.14 million, a P/E ratio of -17.09 and a beta of 1.50. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Strs Ohio grew its stake in Methode Electronics by 10.0% during the 4th quarter. Strs Ohio now owns 26,300 shares of the electronics maker's stock worth $175,000 after buying an additional 2,400 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Methode Electronics by 1,027.4% in the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker's stock valued at $29,000 after buying an additional 2,815 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in 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 buying an additional 3,778 shares during the last quarter. Barclays PLC grew its position in shares of Methode Electronics by 4.5% during the fourth quarter. Barclays PLC now owns 90,325 shares of the electronics maker's stock worth $600,000 after acquiring an additional 3,906 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Methode Electronics by 9.3% in the 2nd quarter. Sei Investments Co. now owns 54,040 shares of the electronics maker's stock valued at $514,000 after purchasing an additional 4,600 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

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.

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