Robert W. Baird Issues Positive Forecast for Methode Electronics (NYSE:MEI) Stock Price

Methode Electronics (NYSE:MEI) had its target price increased by equities researchers at Robert W. Baird from $8.50 to $16.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the electronics maker’s stock. Robert W. Baird’s price objective points to a potential downside of 11.87% from the company’s previous close.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research report on Tuesday, April 21st. 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.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $16.00.

Methode Electronics Price Performance

MEI opened at $18.15 on Friday. Methode Electronics has a one year low of $4.88 and a one year high of $18.47. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.41 and a quick ratio of 1.55. The company’s 50 day simple moving average is $10.68 and its 200-day simple moving average is $8.38. The stock has a market capitalization of $643.20 million, a P/E ratio of -17.97 and a beta of 1.59.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Methode Electronics had a negative return on equity of 5.58% and a negative net margin of 3.50%.The company had revenue of $298.10 million during the quarter, compared to the consensus estimate of $238.46 million. Sell-side analysts anticipate that Methode Electronics will post -0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEI. Vanguard Group Inc. lifted its stake in Methode Electronics by 4.5% in the third quarter. Vanguard Group Inc. now owns 3,169,009 shares of the electronics maker’s stock valued at $23,926,000 after buying an additional 136,842 shares during the period. Federated Hermes Inc. grew its position in shares of Methode Electronics by 9.1% during the 4th quarter. Federated Hermes Inc. now owns 1,441,165 shares of the electronics maker’s stock worth $9,569,000 after buying an additional 120,202 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Methode Electronics by 31.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,380,436 shares of the electronics maker’s stock valued at $9,166,000 after acquiring an additional 331,618 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Methode Electronics by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,351,962 shares of the electronics maker’s stock valued at $7,463,000 after acquiring an additional 52,821 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Methode Electronics by 29.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,209,756 shares of the electronics maker’s stock valued at $11,505,000 after acquiring an additional 276,923 shares during the period. Institutional investors own 95.49% of the company’s stock.

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.