Bank of America Corp DE Buys 58,378 Shares of Methode Electronics, Inc. (NYSE:MEI)

Bank of America Corp DE increased its holdings in shares of Methode Electronics, Inc. (NYSE:MEI - Free Report) by 21.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 334,838 shares of the electronics maker's stock after acquiring an additional 58,378 shares during the quarter. Bank of America Corp DE owned about 0.94% of Methode Electronics worth $3,948,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. BNP Paribas Financial Markets increased its position in Methode Electronics by 96.2% during the fourth quarter. BNP Paribas Financial Markets now owns 197,433 shares of the electronics maker's stock worth $2,328,000 after acquiring an additional 96,820 shares during the period. Ameriprise Financial Inc. increased its position in Methode Electronics by 4.6% during the fourth quarter. Ameriprise Financial Inc. now owns 651,283 shares of the electronics maker's stock worth $7,679,000 after acquiring an additional 28,464 shares during the period. AQR Capital Management LLC increased its holdings in Methode Electronics by 40.7% in the 4th quarter. AQR Capital Management LLC now owns 481,304 shares of the electronics maker's stock valued at $5,675,000 after buying an additional 139,309 shares during the period. Northern Trust Corp increased its holdings in Methode Electronics by 3.1% in the 4th quarter. Northern Trust Corp now owns 345,479 shares of the electronics maker's stock valued at $4,073,000 after buying an additional 10,240 shares during the period. Finally, Quarry LP bought a new position in Methode Electronics in the 4th quarter valued at about $32,000. 95.49% of the stock is owned by institutional investors.

Methode Electronics Price Performance

Shares of MEI traded up $0.44 during mid-day trading on Tuesday, reaching $8.31. The company had a trading volume of 274,175 shares, compared to its average volume of 486,840. The company's 50 day simple moving average is $6.65 and its 200 day simple moving average is $9.24. Methode Electronics, Inc. has a 1-year low of $5.08 and a 1-year high of $17.45. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.73 and a current ratio of 2.75. The company has a market capitalization of $296.66 million, a price-to-earnings ratio of -3.29 and a beta of 0.88.

Methode Electronics (NYSE:MEI - Get Free Report) last posted its earnings results on Wednesday, March 5th. The electronics maker reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.04). Methode Electronics had a negative return on equity of 3.26% and a negative net margin of 8.16%. The business had revenue of $239.90 million for the quarter, compared to analyst estimates of $264.01 million. During the same quarter in the prior year, the business earned ($0.33) earnings per share. Analysts expect that Methode Electronics, Inc. will post -0.4 EPS for the current year.

Methode Electronics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, April 18th were given a dividend of $0.14 per share. The ex-dividend date was Thursday, April 17th. This represents a $0.56 annualized dividend and a yield of 6.74%. Methode Electronics's dividend payout ratio is presently -21.46%.

Insider Buying and Selling

In other news, SVP Lars Ullrich purchased 15,150 shares of the stock in a transaction on Friday, March 14th. The stock was purchased at an average price of $6.69 per share, for a total transaction of $101,353.50. Following the acquisition, the senior vice president now owns 15,150 shares in the company, valued at $101,353.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jonathan B. Degaynor purchased 32,733 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $6.46 per share, with a total value of $211,455.18. Following the acquisition, the chief executive officer now owns 32,733 shares in the company, valued at approximately $211,455.18. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on MEI. Robert W. Baird decreased their target price on shares of Methode Electronics from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Sidoti raised shares of Methode Electronics from a "neutral" rating to a "buy" rating and set a $14.00 target price on the stock in a report on Tuesday, February 25th.

About Methode Electronics

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.