Methode Electronics, Inc. $MEI Stock Bought by AIGH Capital Management LLC

Key Points

• AIGH Capital Management increased its Methode Electronics stake by 18.1% in the third quarter, adding 304,011 shares to hold about 1.98 million shares, worth approximately $27.3 million.
• Other institutional investors also added or initiated positions, and hedge funds and institutions collectively own 95.49% of the company’s stock.
• Methode reported quarterly EPS of -$0.22, better than analysts’ -$0.27 estimate, while revenue of $265.4 million topped expectations. Analysts’ average rating was “Moderate Buy,” with a consensus price target of $22.

AIGH Capital Management LLC raised its stake in Methode Electronics, Inc. (NYSE:MEI - Free Report) by 18.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,982,420 shares of the electronics maker's stock after acquiring an additional 304,011 shares during the period. Methode Electronics makes up 2.8% of AIGH Capital Management LLC's portfolio, making the stock its 10th largest holding. AIGH Capital Management LLC owned approximately 5.56% of Methode Electronics worth $27,338,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of MEI. Bank of America Corp DE purchased a new stake in shares of Methode Electronics in the second quarter worth about $1,911,000. Sei Investments Co. grew its holdings in Methode Electronics by 87.7% during 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 in the last quarter. Bank of New York Mellon Corp purchased a new position in Methode Electronics during the 2nd quarter valued at approximately $5,233,000. Wellington Management Group LLP purchased a new position in Methode Electronics during the 2nd quarter valued at approximately $1,658,000. Finally, Ieq Capital LLC bought a new stake in Methode Electronics in the 2nd quarter worth approximately $2,330,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

Methode Electronics Stock Performance

NYSE MEI opened at $10.15 on Friday. The business's 50 day moving average price is $14.59 and its 200-day moving average price is $11.75. 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 market cap of $361.85 million, a P/E ratio of -9.76 and a beta of 1.60. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.65 and a current ratio of 2.41.

Methode Electronics (NYSE:MEI - Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.27) by $0.05. The company 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%. Sell-side analysts predict that Methode Electronics, Inc. will post -0.81 earnings per share for the current year.

Methode Electronics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, October 16th. Methode Electronics's dividend payout ratio is -19.23%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MEI. Craig Hallum started coverage on Methode Electronics in a report on Tuesday, August 25th. They set a "buy" rating and a $30.00 price objective on the stock. Zacks Research upgraded Methode Electronics from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 26th. Wall Street Zen cut shares of Methode Electronics from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Methode Electronics in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Methode Electronics currently has an average rating of "Moderate Buy" and a consensus price target of $22.00.

About Methode Electronics

Methode Electronics, Inc NYSE: MEI is a global designer and manufacturer of engineered electrical and electronic products. The company develops solutions that enable sensing, control, illumination, power distribution, and human-machine interaction across a range of markets.

Its products include sensors and switches, user-interface controls, LED lighting systems, power-distribution and interconnect products, and other customized electronic and electromechanical components. Methode serves customers in the automotive, industrial, aerospace, medical, construction equipment, data communications, and consumer markets.

Founded in 1946 and headquartered in Chicago, Illinois, Methode Electronics serves customers internationally through operations and facilities in North America, Europe, and Asia.

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