1,678,409 Shares in Methode Electronics, Inc. $MEI Bought by AIGH Capital Management LLC

Key Points

• AIGH Capital Management bought 1,678,409 Methode Electronics shares worth approximately $31.8 million, giving it about a 4.73% stake and making MEI its seventh-largest portfolio holding.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $19.33; targets range from $16 to $25.
• Methode reported a quarterly loss of $0.30 per share, missing estimates, despite revenue of $298.1 million. The company maintained a quarterly dividend of $0.05 per share, equivalent to a 1.2% annual yield.

AIGH Capital Management LLC purchased a new position in shares of Methode Electronics, Inc. (NYSE:MEI - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,678,409 shares of the electronics maker's stock, valued at approximately $31,839,000. Methode Electronics accounts for 2.0% of AIGH Capital Management LLC's investment portfolio, making the stock its 7th biggest position. AIGH Capital Management LLC owned approximately 4.73% of Methode Electronics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in 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 valued at $29,000 after acquiring an additional 2,815 shares in the last quarter. State of Wyoming acquired a new stake in shares of Methode Electronics in the 1st quarter valued at $93,000. Mackenzie Financial Corp acquired a new stake in shares of Methode Electronics in the 3rd quarter valued at $103,000. XTX Topco Ltd purchased a new stake in shares of Methode Electronics during the 2nd quarter worth $107,000. Finally, Inscription Capital LLC acquired a new position in shares of Methode Electronics during the fourth quarter worth $112,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Robert W. Baird upped their price objective on Methode Electronics from $8.50 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Sidoti reissued a "neutral" rating and set a $17.00 target price on shares of Methode Electronics in a research report on Friday, June 26th. Zacks Research upgraded Methode Electronics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Methode Electronics in a report on Friday, July 17th. Finally, Barrington Research raised Methode Electronics from a "market perform" rating to an "outperform" rating and set a $25.00 price target for the company in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $19.33.

Methode Electronics Stock Up 0.4%

MEI opened at $17.20 on Monday. Methode Electronics, Inc. has a one year low of $4.88 and a one year high of $20.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 2.37. The stock has a market capitalization of $610.19 million, a P/E ratio of -17.03 and a beta of 1.50. The business's 50-day simple moving average is $15.12 and its 200-day simple moving average is $10.67.

Methode Electronics (NYSE:MEI - Get Free Report) last announced its 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 firm had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. Analysts anticipate that Methode Electronics, Inc. will post -0.95 EPS for the current year.

Methode Electronics Announces Dividend

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

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.

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