Methode Electronics (NYSE:MEI) Stock Rating Upgraded by Zacks Research

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

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

Methode Electronics Stock Up 12.1%

MEI stock opened at $13.81 on Monday. Methode Electronics has a twelve month low of $4.88 and a twelve month high of $20.38. The business’s 50-day moving average price is $14.73 and its 200-day moving average price is $11.51.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $265.40 million for the quarter, compared to the consensus estimate of $238.31 million. On average, analysts expect that Methode Electronics will post -0.81 EPS for the current fiscal year.

Institutional Trading of Methode Electronics

Several institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue bought a new stake in Methode Electronics during the 3rd quarter valued at approximately $29,000. Integrated Wealth Concepts LLC purchased a new stake in Methode Electronics during the 2nd quarter valued at approximately $64,000. Allworth Financial LP grew its holdings in Methode Electronics by 123.6% during the 2nd quarter. Allworth Financial LP now owns 2,115 shares of the electronics maker’s stock valued at $40,000 after buying an additional 1,169 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Methode Electronics during the 2nd quarter valued at approximately $549,000. Finally, Wellington Management Group LLP bought a new stake in shares of Methode Electronics during the second quarter valued at approximately $1,658,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Methode Electronics Company Profile

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.