Short Interest in Methode Electronics, Inc. (NYSE:MEI) Decreases By 33.1%

Methode Electronics, Inc. (NYSE:MEI) was the target of a significant decline in short interest in January. As of January 15th, there was short interest totaling 900,885 shares, a decline of 33.1% from the December 31st total of 1,346,004 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average daily volume of 257,130 shares, the days-to-cover ratio is currently 3.5 days. Based on an average daily volume of 257,130 shares, the days-to-cover ratio is currently 3.5 days. Approximately 2.6% of the company’s stock are sold short.

Hedge Funds Weigh In On Methode Electronics

Several large investors have recently modified their holdings of the stock. R Squared Ltd bought a new stake in shares of Methode Electronics during the 4th quarter worth about $119,000. Inscription Capital LLC bought a new stake in shares of Methode Electronics during the fourth quarter worth approximately $112,000. JPMorgan Chase & Co. grew its position in shares of Methode Electronics by 51.8% in the third quarter. JPMorgan Chase & Co. now owns 291,065 shares of the electronics maker’s stock valued at $2,198,000 after purchasing an additional 99,308 shares during the last quarter. Tudor Investment Corp ET AL increased its stake in shares of Methode Electronics by 84.8% during the third quarter. Tudor Investment Corp ET AL now owns 162,766 shares of the electronics maker’s stock worth $1,229,000 after purchasing an additional 74,701 shares during the period. Finally, Penn Capital Management Company LLC acquired a new stake in Methode Electronics during the 3rd quarter worth approximately $1,340,000. 95.49% of the stock is owned by institutional investors.

Methode Electronics Stock Performance

Methode Electronics stock traded up $0.05 during midday trading on Friday, reaching $8.02. 325,541 shares of the company’s stock were exchanged, compared to its average volume of 315,317. The stock’s 50-day simple moving average is $7.21 and its 200 day simple moving average is $7.16. The firm has a market cap of $283.81 million, a price-to-earnings ratio of -4.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.68 and a current ratio of 2.55. Methode Electronics has a 52 week low of $5.08 and a 52 week high of $11.98.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Wednesday, December 3rd. The electronics maker reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.01. Methode Electronics had a negative return on equity of 7.10% and a negative net margin of 6.39%.The firm had revenue of $246.90 million for the quarter, compared to analyst estimates of $237.69 million. On average, analysts expect that Methode Electronics will post -0.4 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 16th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, January 16th. Methode Electronics’s payout ratio is -11.24%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MEI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research note on Thursday, January 22nd. Robert W. Baird set a $8.50 price objective on Methode Electronics in a report on Wednesday, January 14th. Finally, Zacks Research raised Methode Electronics to a “hold” rating in a research report on Tuesday, December 9th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.25.

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.