Bank of America Corp DE Purchases New Shares in Methode Electronics, Inc. $MEI

Key Points

• Bank of America acquired 100,728 shares of Methode Electronics worth approximately $1.9 million, while institutional investors collectively own 95.49% of the company.
• Analysts have a consensus “Hold” rating on MEI, with an average price target of $22.00; ratings include two Buys, three Holds, and one Sell.
• Methode Electronics reported a quarterly loss of $0.22 per share but beat estimates, while revenue of $265.4 million exceeded expectations. The company also declared a quarterly dividend of $0.05 per share, representing a 1.5% yield.

Bank of America Corp DE acquired a new stake in Methode Electronics, Inc. (NYSE:MEI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 100,728 shares of the electronics maker's stock, valued at approximately $1,911,000. Bank of America Corp DE owned approximately 0.28% of Methode Electronics as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its position in Methode Electronics by 87.7% in the 1st quarter. Sei Investments Co. now owns 465,973 shares of the electronics maker's stock valued at $2,572,000 after buying an additional 217,764 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Methode Electronics during the second quarter worth about $5,233,000. BlackRock Inc. acquired a new position in shares of Methode Electronics in the second quarter worth about $65,727,000. Deutsche Bank AG acquired a new position in shares of Methode Electronics in the second quarter worth about $4,982,000. Finally, Empowered Funds LLC boosted its holdings in Methode Electronics by 51.2% in the first quarter. Empowered Funds LLC now owns 632,346 shares of the electronics maker's stock valued at $3,491,000 after purchasing an additional 214,224 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

Wall Street Analysts Forecast Growth

MEI has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Methode Electronics in a research report on Friday, July 17th. Sidoti restated a "neutral" rating and issued a $17.00 price target on shares of Methode Electronics in a research note on Friday, June 26th. Barrington Research raised shares of 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. Robert W. Baird increased their price objective 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. Finally, Zacks Research raised shares of Methode Electronics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $22.00.

Methode Electronics Stock Down 4.0%

MEI stock opened at $13.77 on Thursday. The stock has a market cap of $490.90 million, a PE ratio of -13.24 and a beta of 1.54. The firm's 50-day simple moving average is $15.27 and its 200 day simple moving average is $12.28. Methode Electronics, Inc. has a fifty-two week low of $4.88 and a fifty-two week high of $20.38. The company has a quick ratio of 1.65, a current ratio of 2.41 and a debt-to-equity ratio of 0.47.

Methode Electronics (NYSE:MEI - Get Free Report) last posted its earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.05. The firm had revenue of $265.40 million during the quarter, compared to analyst estimates of $238.31 million. Methode Electronics had a negative net margin of 3.52% and a negative return on equity of 5.63%. As a group, sell-side analysts predict that Methode Electronics, Inc. will post -0.81 EPS for the current year.

Methode Electronics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, October 16th. This represents a $0.20 annualized dividend and a yield of 1.5%. Methode Electronics's dividend payout ratio is presently -19.23%.

Methode Electronics Profile

Methode Electronics, Inc NYSE: MEI is a global designer and manufacturer of custom-engineered products and solutions for automotive, industrial, aerospace, commercial and other specialized markets. The company develops technologies that help customers manage electrical power, transmit signals, sense operating conditions and control equipment.

Its product portfolio includes sensors and sensor-based systems, user-interface and control products, LED lighting and display solutions, power distribution and electrical components, connectors, and other electromechanical assemblies.

Want to see what other hedge funds are holding MEI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methode Electronics, Inc. (NYSE:MEI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.