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

Methode Electronics, Inc. (NYSE:MEI) was the target of a large 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. Based on an average daily trading volume, of 725,669 shares, the days-to-cover ratio is currently 1.6 days. Currently, 3.4% of the shares of the stock are short sold.

Analyst Ratings Changes

MEI has been the subject of several research analyst reports. Robert W. Baird set a $8.50 target price on shares of Methode Electronics in a research note on Wednesday, January 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Methode Electronics in a report on Thursday, January 22nd. Finally, Zacks Research upgraded Methode Electronics to a “hold” rating in a research report on Tuesday, December 9th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $8.50.

Methode Electronics Trading Down 2.4%

MEI stock traded down $0.14 during midday trading on Friday, reaching $5.60. 323,499 shares of the company traded hands, compared to its average volume of 635,935. The firm has a market capitalization of $198.51 million, a price-to-earnings ratio of -3.08 and a beta of 1.06. Methode Electronics has a 52-week low of $4.88 and a 52-week high of $10.77. The business has a 50 day moving average of $7.49 and a 200-day moving average of $7.31. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.55 and a current ratio of 2.41.

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

Methode Electronics Announces Dividend

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 issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, April 17th. Methode Electronics’s dividend payout ratio (DPR) is -10.99%.

Institutional Trading of Methode Electronics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEI. Hsbc Holdings PLC boosted its position in shares of Methode Electronics by 12.5% during the fourth quarter. Hsbc Holdings PLC now owns 138,125 shares of the electronics maker’s stock valued at $916,000 after buying an additional 15,384 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of Methode Electronics by 46.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 58,822 shares of the electronics maker’s stock worth $391,000 after buying an additional 18,752 shares during the period. Mercer Global Advisors Inc. ADV raised its holdings in shares of Methode Electronics by 21.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,781 shares of the electronics maker’s stock worth $145,000 after buying an additional 3,778 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Methode Electronics by 1,841.5% during the 4th quarter. Mackenzie Financial Corp now owns 265,157 shares of the electronics maker’s stock worth $1,768,000 after acquiring an additional 251,500 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Methode Electronics by 6.5% during the 4th quarter. Empowered Funds LLC now owns 418,122 shares of the electronics maker’s stock worth $2,776,000 after acquiring an additional 25,684 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

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.