626,350 Shares in Methode Electronics, Inc. $MEI Acquired by Empowered Funds LLC

Empowered Funds LLC bought a new stake in shares of Methode Electronics, Inc. (NYSE:MEI) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 626,350 shares of the electronics maker’s stock, valued at approximately $11,882,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Allworth Financial LP purchased a new position in Methode Electronics during the second quarter valued at $40,000. Strs Ohio increased its position in Methode Electronics by 10.0% in the fourth quarter. Strs Ohio now owns 26,300 shares of the electronics maker’s stock worth $175,000 after buying an additional 2,400 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Methode Electronics by 1,027.4% in the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock worth $29,000 after buying an additional 2,815 shares during the period. Legal & General Group Plc purchased a new position in shares of Methode Electronics during the 2nd quarter valued at about $65,000. Finally, Mercer Global Advisors Inc. ADV grew its stake in shares of Methode Electronics by 21.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,781 shares of the electronics maker’s stock valued at $145,000 after acquiring an additional 3,778 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Methode Electronics Trading Up 3.0%

NYSE MEI opened at $18.31 on Friday. Methode Electronics, Inc. has a 12 month low of $4.88 and a 12 month high of $20.38. The company’s 50-day moving average price is $15.93 and its 200-day moving average price is $11.19. The stock has a market cap of $649.46 million, a PE ratio of -18.13 and a beta of 1.50. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48.

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

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, July 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.1%. Methode Electronics’s payout ratio is -19.80%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MEI shares. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Sidoti restated a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a research report on Friday, June 26th. Robert W. Baird lifted their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Craig Hallum started coverage on shares of Methode Electronics in a report on Tuesday, August 25th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a report on Monday, June 29th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.00.

About Methode Electronics

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.