Bank of America Corp DE Sells 111,492 Shares of Methode Electronics, Inc. $MEI

Bank of America Corp DE decreased its holdings in Methode Electronics, Inc. (NYSE:MEI - Free Report) by 59.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,944 shares of the electronics maker's stock after selling 111,492 shares during the quarter. Bank of America Corp DE owned 0.22% of Methode Electronics worth $425,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC raised its position in shares of Methode Electronics by 8.3% in the first quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker's stock valued at $812,000 after buying an additional 9,787 shares in the last quarter. Strs Ohio bought a new position in Methode Electronics during the 1st quarter worth $133,000. JPMorgan Chase & Co. increased its stake in Methode Electronics by 10.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker's stock worth $1,824,000 after acquiring an additional 17,418 shares during the period. Franklin Resources Inc. bought a new position in Methode Electronics during the 2nd quarter worth $234,000. Finally, XTX Topco Ltd acquired a new position in Methode Electronics in the 2nd quarter valued at $107,000. Institutional investors own 95.49% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MEI. Wall Street Zen downgraded Methode Electronics from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Zacks Research upgraded Methode Electronics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Sidoti reaffirmed a "neutral" rating and issued a $17.00 price target on shares of Methode Electronics in a research note on Friday, June 26th. Robert W. Baird upped their price objective on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Methode Electronics in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Methode Electronics currently has an average rating of "Hold" and an average price target of $22.00.

Methode Electronics Trading Down 0.5%

Shares of MEI opened at $13.99 on Thursday. Methode Electronics, Inc. has a 52-week low of $4.88 and a 52-week high of $20.38. The business's fifty day moving average is $15.83 and its 200-day moving average is $11.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.65 and a current ratio of 2.41. The firm has a market cap of $496.40 million, a price-to-earnings ratio of -13.46 and a beta of 1.54.

Methode Electronics (NYSE:MEI - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.05. The business had revenue of $265.40 million during the quarter, compared to the consensus estimate of $238.31 million. Methode Electronics had a negative return on equity of 5.63% and a negative net margin of 3.52%. Equities analysts anticipate that Methode Electronics, Inc. will post -0.81 EPS for the current fiscal year.

Methode Electronics Company Profile

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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