Methode Electronics, Inc. (NYSE:MEI) Short Interest Up 54.8% in March

Methode Electronics, Inc. (NYSE:MEI) was the recipient of a significant increase in short interest in March. As of March 13th, there was short interest totaling 1,195,282 shares, an increase of 54.8% from the February 26th total of 772,035 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 725,669 shares, the short-interest ratio is presently 1.6 days.

Hedge Funds Weigh In On Methode Electronics

Several large investors have recently made changes to their positions in MEI. EverSource Wealth Advisors LLC boosted its holdings 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 acquiring an additional 2,815 shares during the last quarter. Smith Moore & CO. acquired a new stake in Methode Electronics in the second quarter worth about $95,000. XTX Topco Ltd bought a new stake in Methode Electronics during the 2nd quarter worth about $107,000. Brighton Jones LLC acquired a new position in Methode Electronics during the 3rd quarter valued at about $90,000. Finally, Mackenzie Financial Corp acquired a new position in Methode Electronics during the 3rd quarter valued at about $103,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Methode Electronics Trading Down 2.4%

Shares of NYSE MEI opened at $5.60 on Friday. Methode Electronics has a 1-year low of $4.88 and a 1-year high of $10.77. The company has a market cap of $198.51 million, a PE ratio of -3.08 and a beta of 1.06. The company has a current ratio of 2.41, a quick ratio of 1.55 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average of $7.49 and a two-hundred day moving average of $7.31.

Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, March 5th. The electronics maker reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.11). The company had revenue of $233.70 million for the quarter, compared to the consensus estimate of $219.44 million. Methode Electronics had a negative net margin of 6.58% and a negative return on equity of 8.04%. As a group, equities analysts expect that Methode Electronics will post -0.4 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 17th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, April 17th. Methode Electronics’s dividend payout ratio (DPR) is -10.99%.

Analysts Set New Price Targets

Several analysts have weighed in on MEI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research note on Thursday, January 22nd. Zacks Research raised Methode Electronics to a “hold” rating in a report on Tuesday, December 9th. Finally, Robert W. Baird set a $8.50 price target on Methode Electronics in a research report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $8.50.

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.