Methode Electronics, Inc. (NYSE:MEI) Short Interest Down 28.4% in September

Methode Electronics, Inc. (NYSE:MEI) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 1,260,000 shares, a decrease of 28.4% from the September 15th total of 1,760,000 shares. Based on an average daily volume of 515,900 shares, the days-to-cover ratio is currently 2.4 days. Currently, 3.9% of the shares of the company are short sold.

Methode Electronics Trading Up 5.5 %

Methode Electronics stock traded up $0.57 during midday trading on Friday, reaching $10.97. The stock had a trading volume of 591,898 shares, compared to its average volume of 553,567. Methode Electronics has a twelve month low of $8.54 and a twelve month high of $26.02. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.35 and a quick ratio of 1.50. The firm has a market cap of $386.58 million, a price-to-earnings ratio of -2.72 and a beta of 0.72. The firm’s fifty day simple moving average is $10.63 and its two-hundred day simple moving average is $11.29.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, September 5th. The electronics maker reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). The business had revenue of $258.50 million for the quarter, compared to analyst estimates of $267.66 million. Methode Electronics had a negative return on equity of 3.50% and a negative net margin of 13.15%. During the same quarter last year, the firm earned $0.06 earnings per share. Equities analysts anticipate that Methode Electronics will post -0.62 EPS for the current fiscal year.

Methode Electronics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date of this dividend is Friday, October 18th. Methode Electronics’s dividend payout ratio (DPR) is currently -13.90%.

Insider Activity

In other Methode Electronics news, Director David P. Blom purchased 9,320 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average cost of $10.81 per share, with a total value of $100,749.20. Following the acquisition, the director now owns 37,531 shares in the company, valued at approximately $405,710.11. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Methode Electronics news, Director Mary A. Lindsey purchased 8,800 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were acquired at an average price of $11.38 per share, for a total transaction of $100,144.00. Following the completion of the purchase, the director now owns 25,970 shares of the company’s stock, valued at approximately $295,538.60. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David P. Blom acquired 9,320 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was acquired at an average cost of $10.81 per share, for a total transaction of $100,749.20. Following the completion of the acquisition, the director now directly owns 37,531 shares in the company, valued at approximately $405,710.11. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Methode Electronics

Several institutional investors and hedge funds have recently modified their holdings of MEI. Nisa Investment Advisors LLC raised its stake in Methode Electronics by 749.7% in the second quarter. Nisa Investment Advisors LLC now owns 5,693 shares of the electronics maker’s stock valued at $59,000 after buying an additional 5,023 shares during the period. CWM LLC raised its holdings in Methode Electronics by 685.1% during the 3rd quarter. CWM LLC now owns 8,730 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 7,618 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Methode Electronics in the 2nd quarter valued at about $111,000. SG Americas Securities LLC acquired a new stake in Methode Electronics in the first quarter worth $136,000. Finally, Quest Partners LLC grew its stake in Methode Electronics by 17.1% in the second quarter. Quest Partners LLC now owns 12,062 shares of the electronics maker’s stock valued at $125,000 after acquiring an additional 1,758 shares during the period. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MEI. Robert W. Baird lowered their price objective on Methode Electronics from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. StockNews.com raised shares of Methode Electronics from a “sell” rating to a “hold” rating in a research note on Friday, September 6th.

About Methode Electronics

Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.