Methode Electronics, Inc. (NYSE:MEI) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE grew its position in Methode Electronics, Inc. (NYSE:MEI - Free Report) by 21.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 334,838 shares of the electronics maker's stock after purchasing an additional 58,378 shares during the quarter. Bank of America Corp DE owned about 0.94% of Methode Electronics worth $3,948,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Federated Hermes Inc. grew its holdings in Methode Electronics by 46.2% in the fourth quarter. Federated Hermes Inc. now owns 1,413,611 shares of the electronics maker's stock worth $16,666,000 after purchasing an additional 446,398 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Methode Electronics by 4.6% in the fourth quarter. Ameriprise Financial Inc. now owns 651,283 shares of the electronics maker's stock worth $7,679,000 after purchasing an additional 28,464 shares during the last quarter. American Century Companies Inc. grew its holdings in Methode Electronics by 31.4% in the fourth quarter. American Century Companies Inc. now owns 537,108 shares of the electronics maker's stock worth $6,333,000 after purchasing an additional 128,255 shares during the last quarter. AQR Capital Management LLC grew its holdings in Methode Electronics by 40.7% in the fourth quarter. AQR Capital Management LLC now owns 481,304 shares of the electronics maker's stock worth $5,675,000 after purchasing an additional 139,309 shares during the last quarter. Finally, Walleye Capital LLC grew its holdings in Methode Electronics by 9.8% in the fourth quarter. Walleye Capital LLC now owns 367,095 shares of the electronics maker's stock worth $4,328,000 after purchasing an additional 32,710 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Methode Electronics news, CEO Jonathan B. Degaynor bought 32,733 shares of Methode Electronics stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average price of $6.46 per share, with a total value of $211,455.18. Following the completion of the acquisition, the chief executive officer now directly owns 32,733 shares in the company, valued at approximately $211,455.18. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Lars Ullrich acquired 15,150 shares of the business's stock in a transaction on Friday, March 14th. The stock was purchased at an average cost of $6.69 per share, with a total value of $101,353.50. Following the acquisition, the senior vice president now directly owns 15,150 shares of the company's stock, valued at $101,353.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.

Methode Electronics Stock Performance

Shares of NYSE MEI traded down $0.06 during midday trading on Friday, reaching $7.98. The company had a trading volume of 228,301 shares, compared to its average volume of 488,593. The business's 50-day simple moving average is $6.60 and its 200 day simple moving average is $9.26. The stock has a market cap of $284.81 million, a P/E ratio of -3.15 and a beta of 0.88. Methode Electronics, Inc. has a 1 year low of $5.08 and a 1 year high of $17.45. The company has a current ratio of 2.75, a quick ratio of 1.73 and a debt-to-equity ratio of 0.46.

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

Methode Electronics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Investors of record on Friday, April 18th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, April 17th. This represents a $0.56 annualized dividend and a dividend yield of 7.02%. Methode Electronics's dividend payout ratio (DPR) is presently -21.46%.

Wall Street Analysts Forecast Growth

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

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.