Empowered Funds LLC Buys 214,224 Shares of Methode Electronics, Inc. $MEI

Key Points

• Empowered Funds LLC increased its Methode Electronics stake by 51.2% in the first quarter, purchasing 214,224 additional shares to own 632,346 shares valued at approximately $3.49 million. Institutional investors collectively own 95.49% of the company.
• Analyst sentiment remains mixed: Barrington Research upgraded the stock to “outperform,” while Zacks Research and Weiss Ratings issued bearish views. The stock carries an average “Reduce” rating and a consensus price target of $19.33.
• Methode Electronics reported quarterly revenue of $298.1 million, above expectations, but its loss of $0.30 per share missed estimates by $0.19. The company also declared a quarterly dividend of $0.05 per share, representing a 1.4% yield.

Empowered Funds LLC boosted its stake in Methode Electronics, Inc. (NYSE:MEI - Free Report) by 51.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 632,346 shares of the electronics maker's stock after purchasing an additional 214,224 shares during the quarter. Empowered Funds LLC owned about 1.78% of Methode Electronics worth $3,491,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in shares of Methode Electronics by 1,027.4% in the second quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker's stock worth $29,000 after buying an additional 2,815 shares in the last quarter. State of Wyoming purchased a new position in Methode Electronics during the 1st quarter valued at approximately $93,000. Mackenzie Financial Corp bought a new stake in Methode Electronics in the 3rd quarter worth approximately $103,000. XTX Topco Ltd bought a new stake in Methode Electronics in the 2nd quarter worth approximately $107,000. Finally, Inscription Capital LLC purchased a new stake in shares of Methode Electronics during the 4th quarter worth approximately $112,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barrington Research upgraded Methode Electronics from a "market perform" rating to an "outperform" rating and set a $25.00 target price for the company in a research report on Monday, June 29th. Zacks Research downgraded shares of Methode Electronics from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. Sidoti reiterated a "neutral" rating and set a $17.00 price objective on shares of Methode Electronics in a research report on Friday, June 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Methode Electronics in a research note on Friday, July 17th. Finally, Robert W. Baird boosted their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $19.33.

Methode Electronics Price Performance

MEI stock opened at $14.09 on Tuesday. The stock has a market cap of $499.77 million, a PE ratio of -13.95 and a beta of 1.50. Methode Electronics, Inc. has a 12 month low of $4.88 and a 12 month high of $20.38. The company has a 50-day moving average price of $14.29 and a 200 day moving average price of $10.09. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48.

Methode Electronics (NYSE:MEI - Get Free Report) last posted its quarterly earnings data 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 return on equity of 5.59% and a negative net margin of 3.50%.The firm had revenue of $298.10 million during the quarter, compared to analysts' expectations of $238.46 million. Equities research analysts anticipate that Methode Electronics, Inc. will post -0.95 earnings per share for the current year.

Methode Electronics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics's dividend payout ratio (DPR) is currently -19.80%.

About Methode Electronics

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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