Methode Electronics Inc. (NYSE:MEI) Short Interest Up 35.3% in June

Methode Electronics Inc. (NYSE:MEI) was the target of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 810,100 shares, a growth of 35.3% from the May 15th total of 598,600 shares. Approximately 2.3% of the shares of the company are short sold. Based on an average trading volume of 214,200 shares, the days-to-cover ratio is presently 3.8 days.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blueshift Asset Management LLC bought a new stake in shares of Methode Electronics during the 4th quarter valued at $402,000. Squarepoint Ops LLC bought a new stake in shares of Methode Electronics during the 4th quarter valued at $1,044,000. Municipal Employees Retirement System of Michigan bought a new stake in shares of Methode Electronics during the 4th quarter valued at $316,000. Thomson Horstmann & Bryant Inc. lifted its position in shares of Methode Electronics by 503.8% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 110,141 shares of the electronics maker’s stock valued at $2,565,000 after acquiring an additional 91,901 shares during the period. Finally, THB Asset Management lifted its position in shares of Methode Electronics by 151.4% during the 1st quarter. THB Asset Management now owns 276,942 shares of the electronics maker’s stock valued at $7,970,000 after acquiring an additional 166,801 shares during the period. Institutional investors and hedge funds own 92.38% of the company’s stock.

MEI traded up $0.41 during trading on Wednesday, hitting $27.29. The stock had a trading volume of 133,418 shares, compared to its average volume of 242,291. The stock has a 50 day simple moving average of $26.66. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 9.22 and a beta of 1.49. Methode Electronics has a one year low of $20.99 and a one year high of $42.10. The company has a current ratio of 2.51, a quick ratio of 1.86 and a debt-to-equity ratio of 0.40.

Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, June 20th. The electronics maker reported $0.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.08). The firm had revenue of $266.00 million during the quarter, compared to the consensus estimate of $274.36 million. Methode Electronics had a net margin of 9.16% and a return on equity of 16.20%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 earnings per share. As a group, sell-side analysts expect that Methode Electronics will post 3.39 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $0.44 annualized dividend and a yield of 1.61%. Methode Electronics’s dividend payout ratio (DPR) is presently 14.86%.

Several research firms recently issued reports on MEI. Zacks Investment Research upgraded Methode Electronics from a “sell” rating to a “hold” rating and set a $33.00 price target for the company in a research note on Thursday, March 7th. Craig Hallum upgraded Methode Electronics from a “hold” rating to a “buy” rating and boosted their price target for the company from $25.00 to $42.00 in a research note on Friday, March 8th. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company. Methode Electronics has an average rating of “Hold” and a consensus price target of $40.25.

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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