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

Methode Electronics, Inc. (NYSE:MEI) was the recipient of a large growth in short interest during 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. Based on an average daily trading volume, of 383,500 shares, the short-interest ratio is presently 4.3 days. Currently, 5.0% of the company’s shares are sold short.

Methode Electronics Price Performance

Shares of MEI traded down $0.42 during mid-day trading on Friday, reaching $9.30. The company had a trading volume of 257,316 shares, compared to its average volume of 531,006. The company’s 50 day simple moving average is $10.42 and its 200 day simple moving average is $10.91. Methode Electronics has a 1-year low of $8.54 and a 1-year high of $25.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.50 and a current ratio of 2.35. The company has a market capitalization of $327.73 million, a price-to-earnings ratio of -2.31 and a beta of 0.76.

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

Methode Electronics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given 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 payout ratio is currently -13.90%.

Insider Buying and Selling at Methode Electronics

In other Methode Electronics news, Director David P. Blom bought 9,320 shares of Methode Electronics stock in a transaction on 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 acquisition, the director now owns 37,531 shares in the company, valued at approximately $405,710.11. The trade was a 33.04 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary A. Lindsey purchased 8,800 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was purchased at an average cost of $11.38 per share, for a total transaction of $100,144.00. Following the purchase, the director now directly owns 25,970 shares in the company, 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. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Methode Electronics

Several hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. boosted its holdings in Methode Electronics by 128.1% during the 2nd quarter. Federated Hermes Inc. now owns 1,690,878 shares of the electronics maker’s stock worth $17,501,000 after acquiring an additional 949,616 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Methode Electronics by 424.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 52,966 shares of the electronics maker’s stock worth $645,000 after buying an additional 42,875 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Methode Electronics by 29.5% in the 2nd quarter. American Century Companies Inc. now owns 335,131 shares of the electronics maker’s stock worth $3,469,000 after buying an additional 76,391 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Methode Electronics in the 1st quarter worth about $136,000. Finally, Entropy Technologies LP boosted its holdings in shares of Methode Electronics by 44.5% in the 1st quarter. Entropy Technologies LP now owns 49,929 shares of the electronics maker’s stock worth $608,000 after buying an additional 15,380 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

MEI has been the subject of a number of research analyst reports. Robert W. Baird reduced their price target on Methode Electronics from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Friday, September 6th. StockNews.com upgraded Methode Electronics from a “sell” rating to a “hold” rating in a report on Friday, September 6th.

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.