Connor Clark & Lunn Investment Management Ltd. acquired a new position in Methode Electronics, Inc. (NYSE:MEI - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 130,112 shares of the electronics maker's stock, valued at approximately $2,468,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.37% of Methode Electronics at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in MEI. Allworth Financial LP acquired a new position in Methode Electronics during the 2nd quarter worth $40,000. EverSource Wealth Advisors LLC increased its holdings in shares of Methode Electronics by 1,027.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker's stock valued at $29,000 after purchasing an additional 2,815 shares during the period. Quantbot Technologies LP bought a new stake in shares of Methode Electronics during the second quarter valued at about $212,000. XTX Topco Ltd bought a new stake in shares of Methode Electronics during the second quarter valued at about $107,000. Finally, GSA Capital Partners LLP acquired a new stake in Methode Electronics in the second quarter worth about $226,000. Institutional investors own 95.49% of the company's stock.
Wall Street Analysts Forecast Growth
MEI has been the subject of a number of recent analyst reports. Craig Hallum initiated coverage on shares of Methode Electronics in a research report on Tuesday. They issued a "buy" rating and a $30.00 target price for the company. Sidoti restated a "neutral" rating and set a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. Wall Street Zen lowered shares of Methode Electronics from a "buy" rating to a "hold" rating in a research note on Sunday, August 2nd. 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 report on Friday, June 26th. Finally, Zacks Research upgraded shares of Methode Electronics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Two analysts have 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, the stock has a consensus rating of "Hold" and an average price target of $22.00.
Get Our Latest Stock Analysis on Methode Electronics
Methode Electronics Price Performance
NYSE:MEI opened at $18.31 on Friday. The business's 50-day moving average price is $15.93 and its 200 day moving average price is $11.19. The firm has a market cap of $649.46 million, a P/E ratio of -18.13 and a beta of 1.50. Methode Electronics, Inc. has a 52-week low of $4.88 and a 52-week high of $20.38. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.48.
Methode Electronics (NYSE:MEI - Get Free Report) last issued its quarterly earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. The business had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. As a group, sell-side analysts predict that Methode Electronics, Inc. will post -0.95 earnings per share for the current fiscal year.
Methode Electronics Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, July 17th. Methode Electronics's payout ratio is presently -19.80%.
Methode Electronics Company Profile
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Free Report)
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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