Ieq Capital LLC Takes $2.33 Million Position in Methode Electronics, Inc. $MEI

Key Points

• Ieq Capital LLC acquired 122,844 shares of Methode Electronics worth approximately $2.33 million, representing a 0.35% stake. Institutional investors collectively own 95.49% of the company.
• Methode Electronics reported a quarterly loss of $0.30 per share, missing estimates by $0.19, despite revenue of $298.1 million exceeding expectations.
• Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $22.00; the company also maintains a quarterly dividend of $0.05 per share.

Ieq Capital LLC bought a new position in shares of Methode Electronics, Inc. (NYSE:MEI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 122,844 shares of the electronics maker's stock, valued at approximately $2,330,000. Ieq Capital LLC owned 0.35% of Methode Electronics at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC raised 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. Allworth Financial LP bought a new position in Methode Electronics in the 2nd quarter worth about $40,000. State of Wyoming bought a new position in Methode Electronics in the 1st quarter worth about $93,000. Mackenzie Financial Corp purchased a new stake in shares of Methode Electronics in the 3rd quarter valued at about $103,000. Finally, XTX Topco Ltd bought a new stake in shares of Methode Electronics during the 2nd quarter valued at about $107,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Methode Electronics Price Performance

Shares of Methode Electronics stock opened at $16.03 on Wednesday. The business's 50 day simple moving average is $15.66 and its two-hundred day simple moving average is $11.02. Methode Electronics, Inc. has a one year low of $4.88 and a one year high of $20.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The stock has a market capitalization of $568.51 million, a P/E ratio of -15.87 and a beta of 1.50.

Methode Electronics (NYSE:MEI - Get Free Report) last released its quarterly earnings data on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business had revenue of $298.10 million during the quarter, compared to analysts' expectations of $238.46 million. Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%. Analysts forecast that Methode Electronics, Inc. will post -0.95 EPS for the current year.

Methode Electronics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, July 17th. Methode Electronics's dividend payout ratio (DPR) is currently -19.80%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen cut shares of Methode Electronics from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Methode Electronics in a report on Friday, July 17th. Sidoti reaffirmed a "neutral" rating and set a $17.00 price objective on shares of Methode Electronics in a report on Friday, June 26th. Zacks Research raised Methode Electronics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Craig Hallum started coverage on Methode Electronics in a research note on Tuesday. They set a "buy" rating and a $30.00 price target for the company. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $22.00.

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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