Empowered Funds LLC increased its stake in Methode Electronics, Inc. (NYSE:MEI – Free Report) by 51.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 632,346 shares of the electronics maker’s stock after acquiring an additional 214,224 shares during the quarter. Empowered Funds LLC’s holdings in Methode Electronics were worth $3,491,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. 4D Advisors LLC purchased a new stake in Methode Electronics in the 4th quarter valued at about $3,320,000. UBS Group AG grew its stake in Methode Electronics by 887.1% in the 3rd quarter. UBS Group AG now owns 476,974 shares of the electronics maker’s stock worth $3,601,000 after acquiring an additional 428,654 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Methode Electronics by 31.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,380,436 shares of the electronics maker’s stock worth $9,166,000 after acquiring an additional 331,618 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Methode Electronics by 54.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 832,344 shares of the electronics maker’s stock worth $6,284,000 after acquiring an additional 293,843 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Methode Electronics by 29.7% during the second quarter. AQR Capital Management LLC now owns 1,209,756 shares of the electronics maker’s stock worth $11,505,000 after acquiring an additional 276,923 shares during the period. Institutional investors own 95.49% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on MEI shares. Robert W. Baird boosted their price target on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Barrington Research upgraded Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Wall Street Zen cut Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday. Finally, Zacks Research downgraded Methode Electronics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $19.33.
Methode Electronics Stock Up 0.7%
Shares of NYSE MEI opened at $14.09 on Tuesday. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $499.77 million, a PE ratio of -13.95 and a beta of 1.50. The stock’s fifty day simple moving average is $14.29 and its two-hundred day simple moving average is $10.09. Methode Electronics, Inc. has a 12-month low of $4.88 and a 12-month high of $20.38.
Methode Electronics (NYSE:MEI – Get Free Report) last announced its quarterly earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $298.10 million during the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. As a group, analysts expect that Methode Electronics, Inc. will post -0.95 EPS for the current fiscal year.
Methode Electronics Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, July 17th. Methode Electronics’s payout ratio is -19.80%.
Methode Electronics Profile
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.
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