Methode Electronics (MEI) Raised to “Outperform” at Robert W. Baird
Methode Electronics (NYSE:MEI) was upgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research report issued on Tuesday, December 4th, MarketBeat.com reports. The brokerage currently has a $44.00 price objective on the electronics maker’s stock. Robert W. Baird’s price objective would suggest a potential upside of 87.47% from the company’s current price.
Several other research firms have also weighed in on MEI. Zacks Investment Research raised shares of Methode Electronics from a “sell” rating to a “hold” rating in a report on Wednesday, August 22nd. ValuEngine lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. Finally, TheStreet lowered shares of Methode Electronics from a “b-” rating to a “c+” rating in a report on Tuesday, October 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $34.67.
MEI stock opened at $23.47 on Tuesday. The company has a market capitalization of $888.03 million, a P/E ratio of 7.82 and a beta of 1.21. The company has a quick ratio of 1.94, a current ratio of 2.56 and a debt-to-equity ratio of 0.53. Methode Electronics has a 52 week low of $22.75 and a 52 week high of $45.45.
Several hedge funds have recently added to or reduced their stakes in MEI. Marshall Wace North America L.P. acquired a new stake in shares of Methode Electronics during the third quarter worth $322,000. Clearbridge Investments LLC raised its position in Methode Electronics by 784.2% in the third quarter. Clearbridge Investments LLC now owns 662,827 shares of the electronics maker’s stock worth $23,994,000 after acquiring an additional 587,860 shares in the last quarter. Vanguard Group Inc. raised its position in Methode Electronics by 2.4% in the third quarter. Vanguard Group Inc. now owns 3,638,598 shares of the electronics maker’s stock worth $131,718,000 after acquiring an additional 84,173 shares in the last quarter. Legal & General Group Plc raised its position in Methode Electronics by 7.4% in the third quarter. Legal & General Group Plc now owns 84,333 shares of the electronics maker’s stock worth $3,055,000 after acquiring an additional 5,838 shares in the last quarter. Finally, Teachers Advisors LLC raised its position in Methode Electronics by 7.2% in the third quarter. Teachers Advisors LLC now owns 81,859 shares of the electronics maker’s stock worth $2,963,000 after acquiring an additional 5,512 shares in the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.
About Methode Electronics
Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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