Methode Electronics, Inc. (NYSE:MEI) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of Methode Electronics, Inc. (NYSE:MEI) by 15.3% in the 4th quarter, Holdings Channel reports. The firm owned 312,251 shares of the electronics maker’s stock after purchasing an additional 41,387 shares during the quarter. Bank of New York Mellon Corp’s holdings in Methode Electronics were worth $3,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Empowered Funds LLC lifted its position in Methode Electronics by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 111,804 shares of the electronics maker’s stock valued at $1,337,000 after purchasing an additional 5,628 shares during the last quarter. Aviance Capital Partners LLC raised its holdings in shares of Methode Electronics by 92.1% during the third quarter. Aviance Capital Partners LLC now owns 53,813 shares of the electronics maker’s stock valued at $644,000 after buying an additional 25,802 shares during the last quarter. Howe & Rusling Inc. acquired a new position in shares of Methode Electronics during the third quarter worth approximately $325,000. Intech Investment Management LLC acquired a new position in shares of Methode Electronics during the third quarter worth approximately $178,000. Finally, Algert Global LLC grew its holdings in Methode Electronics by 228.2% in the 3rd quarter. Algert Global LLC now owns 273,551 shares of the electronics maker’s stock worth $3,272,000 after buying an additional 190,203 shares in the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Methode Electronics Stock Down 2.2 %

Shares of MEI stock opened at $6.42 on Wednesday. Methode Electronics, Inc. has a 1 year low of $5.84 and a 1 year high of $17.45. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.73 and a current ratio of 2.75. The business’s fifty day moving average is $10.34 and its 200-day moving average is $10.71. The stock has a market cap of $228.96 million, a PE ratio of -2.54 and a beta of 0.77.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Wednesday, March 5th. The electronics maker reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.04). The business had revenue of $239.90 million for the quarter, compared to the consensus estimate of $264.01 million. Methode Electronics had a negative net margin of 8.16% and a negative return on equity of 3.26%. During the same quarter last year, the business posted ($0.33) EPS. Equities analysts expect that Methode Electronics, Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on MEI shares. Robert W. Baird cut their target price on Methode Electronics from $14.00 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, March 7th. Sidoti raised Methode Electronics from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, February 25th.

Insiders Place Their Bets

In other news, CEO Jonathan B. Degaynor bought 32,733 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $6.46 per share, with a total value of $211,455.18. Following the transaction, the chief executive officer now directly owns 32,733 shares in the company, valued at approximately $211,455.18. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Lars Ullrich purchased 15,150 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was purchased at an average cost of $6.69 per share, with a total value of $101,353.50. Following the purchase, the senior vice president now owns 15,150 shares in the company, valued at $101,353.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

Methode Electronics Company Profile

Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.