Insider Buying: Methode Electronics, Inc. (NYSE:MEI) Director Acquires 9,320 Shares of Stock

Methode Electronics, Inc. (NYSE:MEI) Director David P. Blom bought 9,320 shares of Methode Electronics stock in a transaction that occurred on Wednesday, September 18th. The stock was purchased at an average cost of $10.81 per share, with a total value of $100,749.20. Following the completion of the acquisition, the director now directly owns 37,531 shares in the company, valued at approximately $405,710.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Methode Electronics Price Performance

MEI traded up $0.44 during trading on Thursday, reaching $11.40. 477,160 shares of the company traded hands, compared to its average volume of 560,678. The company has a market cap of $403.45 million, a P/E ratio of -3.27 and a beta of 0.72. 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, Inc. has a 12-month low of $8.54 and a 12-month high of $26.02. The firm has a fifty day simple moving average of $11.28 and a 200 day simple moving average of $11.63.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings results 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). The company had revenue of $258.50 million during the quarter, compared to the consensus estimate of $267.66 million. Methode Electronics had a negative net margin of 13.15% and a negative return on equity of 3.50%. During the same quarter in the prior year, the firm posted $0.06 earnings per share. On average, equities analysts forecast that Methode Electronics, Inc. will post -0.62 EPS for the current year.

Methode Electronics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date of this dividend is Friday, October 18th. Methode Electronics’s payout ratio is presently -16.05%.

Hedge Funds Weigh In On Methode Electronics

Several institutional investors have recently added to or reduced their stakes in MEI. Federated Hermes Inc. raised its holdings in shares of 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 in the last quarter. Millennium Management LLC increased its position in Methode Electronics by 98.7% in the second quarter. Millennium Management LLC now owns 648,019 shares of the electronics maker’s stock worth $6,707,000 after purchasing an additional 321,832 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Methode Electronics by 222.6% during the first quarter. BNP Paribas Financial Markets now owns 220,932 shares of the electronics maker’s stock valued at $2,691,000 after purchasing an additional 152,446 shares in the last quarter. AQR Capital Management LLC lifted its position in Methode Electronics by 124.1% during the second quarter. AQR Capital Management LLC now owns 225,177 shares of the electronics maker’s stock valued at $2,331,000 after purchasing an additional 124,677 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Methode Electronics by 249.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 174,179 shares of the electronics maker’s stock worth $1,803,000 after buying an additional 124,367 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Analyst Upgrades and Downgrades

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