Methode Electronics (NYSE:MEI) Upgraded at Zacks Research

Methode Electronics (NYSE:MEI) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, Zacks reports.

MEI has been the topic of a number of other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a report on Thursday, October 15th. Wall Street Zen downgraded Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Craig Hallum started coverage on Methode Electronics in a research report on Tuesday, August 25th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Barrington Research upgraded shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

Methode Electronics Trading Up 12.1%

Shares of NYSE MEI opened at $13.81 on Monday. The firm’s 50 day moving average price is $14.73 and its 200-day moving average price is $11.51. Methode Electronics has a 52-week low of $4.88 and a 52-week high of $20.38.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The firm had revenue of $265.40 million for the quarter, compared to analysts’ expectations of $238.31 million. As a group, research analysts expect that Methode Electronics will post -0.81 earnings per share for the current year.

Institutional Trading of Methode Electronics

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Methode Electronics during the 2nd quarter worth $65,727,000. AIGH Capital Management LLC bought a new stake in shares of Methode Electronics during the 2nd quarter valued at $31,839,000. Empowered Funds LLC purchased a new stake in shares of Methode Electronics in the 2nd quarter worth $11,882,000. Dimensional Fund Advisors LP increased its stake in shares of Methode Electronics by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,351,962 shares of the electronics maker’s stock worth $7,463,000 after purchasing an additional 52,821 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Methode Electronics in the 2nd quarter worth $5,233,000. 95.49% of the stock is currently owned by institutional investors.

About Methode Electronics

Methode Electronics, Inc (NYSE: MEI) is a global designer and manufacturer of engineered electrical and electronic products. The company develops solutions that enable sensing, control, illumination, power distribution, and human-machine interaction across a range of markets.

Its products include sensors and switches, user-interface controls, LED lighting systems, power-distribution and interconnect products, and other customized electronic and electromechanical components. Methode serves customers in the automotive, industrial, aerospace, medical, construction equipment, data communications, and consumer markets.

Founded in 1946 and headquartered in Chicago, Illinois, Methode Electronics serves customers internationally through operations and facilities in North America, Europe, and Asia.