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

Research analysts at Craig Hallum began coverage on shares of Methode Electronics (NYSE:MEI) in a research note issued 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 target price would indicate a potential upside of 113.75% from the company’s previous close.

Other equities analysts have also issued reports about the company. Sidoti restated a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Robert W. Baird raised their price objective on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Zacks Research upgraded Methode Electronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Barrington Research upgraded Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a report on Monday, June 29th. 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, the stock has a consensus rating of “Hold” and a consensus target price of $22.00.

Methode Electronics Stock Down 1.7%

MEI opened at $14.04 on Tuesday. The business has a 50-day moving average of $15.57 and a 200-day moving average of $10.97. Methode Electronics has a fifty-two week low of $4.88 and a fifty-two week high of $20.38. The company has a market capitalization of $497.82 million, a PE ratio of -13.90 and a beta of 1.50. 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 (NYSE:MEI) last posted its earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $298.10 million during the quarter, compared to the consensus estimate of $238.46 million. Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%. Equities research analysts forecast that Methode Electronics will post -0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its stake in shares of 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 worth $29,000 after acquiring an additional 2,815 shares during the last quarter. Allworth Financial LP bought a new position in Methode Electronics during the second quarter worth $40,000. Legal & General Group Plc acquired a new stake in Methode Electronics in the 2nd quarter worth $65,000. State of Wyoming acquired a new position in shares of Methode Electronics during the first quarter valued at about $93,000. Finally, Mackenzie Financial Corp acquired a new stake in Methode Electronics during the third quarter worth about $103,000. 95.49% of the stock is currently 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.