Methode Electronics, Inc. (NYSE:MEI) Short Interest Up 21.6% in October

Methode Electronics, Inc. (NYSE:MEI) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,630,000 shares, a growth of 21.6% from the October 15th total of 1,340,000 shares. Approximately 5.0% of the shares of the company are short sold. Based on an average trading volume of 383,500 shares, the short-interest ratio is presently 4.3 days.

Insider Activity at Methode Electronics

In related news, Director David P. Blom purchased 9,320 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were purchased at an average cost of $10.81 per share, for a total transaction of $100,749.20. Following the completion of the transaction, the director now directly owns 37,531 shares in the company, valued at approximately $405,710.11. This represents a 33.04 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mary A. Lindsey purchased 8,800 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were bought at an average price of $11.38 per share, for a total transaction of $100,144.00. Following the completion of the transaction, the director now owns 25,970 shares of the company’s stock, valued at approximately $295,538.60. This trade represents a 51.25 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Methode Electronics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. nVerses Capital LLC boosted its stake in shares of Methode Electronics by 1,600.0% during the third quarter. nVerses Capital LLC now owns 3,400 shares of the electronics maker’s stock valued at $41,000 after purchasing an additional 3,200 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Methode Electronics by 749.7% during the second quarter. Nisa Investment Advisors LLC now owns 5,693 shares of the electronics maker’s stock valued at $59,000 after purchasing an additional 5,023 shares during the period. CWM LLC boosted its stake in shares of Methode Electronics by 685.1% during the third quarter. CWM LLC now owns 8,730 shares of the electronics maker’s stock valued at $104,000 after purchasing an additional 7,618 shares during the period. Hennessy Advisors Inc. purchased a new stake in shares of Methode Electronics during the second quarter valued at approximately $111,000. Finally, Pinnacle Associates Ltd. purchased a new stake in shares of Methode Electronics during the third quarter valued at approximately $132,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Analysts Set New Price Targets

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

Methode Electronics Price Performance

MEI traded down $0.42 during midday trading on Friday, hitting $9.30. The stock had a trading volume of 257,316 shares, compared to its average volume of 531,006. The company has a market cap of $327.73 million, a P/E ratio of -2.31 and a beta of 0.76. The business has a fifty day moving average of $10.42 and a 200 day moving average of $10.91. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.50 and a current ratio of 2.35. Methode Electronics has a 1 year low of $8.54 and a 1 year high of $25.34.

Methode Electronics (NYSE:MEI) last issued its earnings results on Thursday, September 5th. The electronics maker reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.03). The firm had revenue of $258.50 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $0.06 EPS. As a group, equities analysts forecast that Methode Electronics will post -0.62 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 6.02%. The ex-dividend date was Friday, October 18th. Methode Electronics’s dividend payout ratio is currently -13.90%.

Methode Electronics Company Profile

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.