Methode Electronics (NYSE:MEI) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Methode Electronics (NYSE:MEI) had its price target lifted by Robert W. Baird from $8.50 to $16.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the electronics maker’s stock. Robert W. Baird’s price target would suggest a potential downside of 11.87% from the company’s current price.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $16.00.

Methode Electronics Stock Up 38.7%

Shares of MEI stock opened at $18.15 on Friday. The stock’s 50 day simple moving average is $10.68 and its 200 day simple moving average is $8.38. Methode Electronics has a twelve month low of $4.88 and a twelve month high of $18.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.55 and a current ratio of 2.41. The company has a market capitalization of $643.20 million, a price-to-earnings ratio of -17.97 and a beta of 1.59.

Methode Electronics (NYSE:MEI) last released 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 net margin of 3.50% and a negative return on equity of 5.58%. The firm had revenue of $298.10 million for the quarter, compared to the consensus estimate of $238.46 million. As a group, research analysts predict that Methode Electronics will post -0.75 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MEI. Empowered Funds LLC increased its holdings in Methode Electronics by 51.2% during the 1st quarter. Empowered Funds LLC now owns 632,346 shares of the electronics maker’s stock valued at $3,491,000 after purchasing an additional 214,224 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Methode Electronics by 46.3% in the first quarter. Renaissance Technologies LLC now owns 90,000 shares of the electronics maker’s stock worth $497,000 after purchasing an additional 28,500 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Methode Electronics by 87.7% during the first quarter. Sei Investments Co. now owns 465,973 shares of the electronics maker’s stock worth $2,572,000 after purchasing an additional 217,764 shares during the last quarter. State of Wyoming bought a new stake in shares of Methode Electronics during the first quarter worth $93,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Methode Electronics by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,351,962 shares of the electronics maker’s stock valued at $7,463,000 after buying an additional 52,821 shares in 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.