Methode Electronics (NYSE:MEI) Raised to “Strong-Buy” at Zacks Research

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

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

Methode Electronics Stock Performance

MEI opened at $13.81 on Monday. The company’s 50 day moving average is $14.73 and its 200-day moving average is $11.51. Methode Electronics has a 1-year low of $4.88 and a 1-year high of $20.38.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate 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, equities analysts expect that Methode Electronics will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On Methode Electronics

Hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP bought a new stake in Methode Electronics during the 2nd quarter worth approximately $40,000. State of Alaska Department of Revenue acquired a new position in shares of Methode Electronics during the third quarter worth $29,000. Integrated Wealth Concepts LLC acquired a new position in shares of Methode Electronics during the second quarter worth $64,000. Legal & General Group Plc acquired a new position in shares of Methode Electronics during the second quarter worth $65,000. Finally, Quantbot Technologies LP bought a new stake in shares of Methode Electronics in the second quarter worth $212,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.