Sei Investments Co. Purchases 217,764 Shares of Methode Electronics, Inc. $MEI

Sei Investments Co. increased its position in Methode Electronics, Inc. (NYSE:MEI) by 87.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 465,973 shares of the electronics maker’s stock after purchasing an additional 217,764 shares during the quarter. Sei Investments Co. owned approximately 1.32% of Methode Electronics worth $2,572,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MEI. EverSource Wealth Advisors LLC lifted its position in Methode Electronics by 1,027.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after buying an additional 2,815 shares during the period. State of Wyoming bought a new position in shares of Methode Electronics in the 1st quarter worth about $93,000. Mackenzie Financial Corp purchased a new position in Methode Electronics during the 3rd quarter valued at about $103,000. XTX Topco Ltd bought a new stake in Methode Electronics during the second quarter worth about $107,000. Finally, Inscription Capital LLC purchased a new stake in Methode Electronics in the fourth quarter worth about $112,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Methode Electronics Stock Performance

Shares of MEI stock opened at $16.66 on Friday. The company has a market capitalization of $590.93 million, a price-to-earnings ratio of -16.50 and a beta of 1.50. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. Methode Electronics, Inc. has a one year low of $4.88 and a one year high of $20.38. The company’s 50-day moving average is $14.67 and its 200 day moving average is $10.33.

Methode Electronics (NYSE:MEI) last issued its earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $298.10 million during the quarter, compared to analysts’ expectations of $238.46 million. Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%. Sell-side analysts expect that Methode Electronics, Inc. will post -0.95 EPS for the current fiscal year.

Methode Electronics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, July 17th. Methode Electronics’s payout ratio is presently -19.80%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MEI. Wall Street Zen lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Robert W. Baird raised their price objective on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research report on Monday, June 29th. Finally, Sidoti reiterated a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a research note on Friday, June 26th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.33.

Methode Electronics Company 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.