Balyasny Asset Management L.P. Raises Position in Methode Electronics, Inc. (NYSE:MEI)

Balyasny Asset Management L.P. grew its holdings in shares of Methode Electronics, Inc. (NYSE:MEI) by 151.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,695 shares of the electronics maker’s stock after purchasing an additional 26,950 shares during the period. Balyasny Asset Management L.P.’s holdings in Methode Electronics were worth $527,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bastion Asset Management Inc. purchased a new stake in shares of Methode Electronics during the 4th quarter valued at $398,000. Bayesian Capital Management LP purchased a new stake in shares of Methode Electronics during the 4th quarter valued at $217,000. Bank of America Corp DE lifted its holdings in shares of Methode Electronics by 21.1% during the 4th quarter. Bank of America Corp DE now owns 334,838 shares of the electronics maker’s stock valued at $3,948,000 after purchasing an additional 58,378 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Methode Electronics by 96.2% during the 4th quarter. BNP Paribas Financial Markets now owns 197,433 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 96,820 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Methode Electronics by 4.6% during the 4th quarter. Ameriprise Financial Inc. now owns 651,283 shares of the electronics maker’s stock valued at $7,679,000 after purchasing an additional 28,464 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Buying and Selling at Methode Electronics

In related news, CEO Jonathan B. Degaynor acquired 32,733 shares of Methode Electronics stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $6.46 per share, for a total transaction of $211,455.18. Following the purchase, the chief executive officer now owns 32,733 shares of the company’s stock, valued at approximately $211,455.18. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Lars Ullrich bought 15,150 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were acquired at an average price of $6.69 per share, for a total transaction of $101,353.50. Following the completion of the transaction, the senior vice president now directly owns 15,150 shares in the company, valued at approximately $101,353.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.

Methode Electronics Stock Performance

Shares of MEI stock opened at $7.53 on Friday. The firm has a market capitalization of $268.75 million, a price-to-earnings ratio of -2.98 and a beta of 0.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.75 and a quick ratio of 1.73. The business has a fifty day moving average of $6.37 and a 200 day moving average of $9.40. Methode Electronics, Inc. has a 1 year low of $5.08 and a 1 year high of $17.45.

Methode Electronics (NYSE:MEI) last issued its earnings results on Wednesday, March 5th. The electronics maker reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.04). The firm had revenue of $239.90 million during the quarter, compared to analysts’ expectations of $264.01 million. Methode Electronics had a negative return on equity of 3.26% and a negative net margin of 8.16%. During the same quarter last year, the business earned ($0.33) EPS. As a group, research analysts expect that Methode Electronics, Inc. will post -0.4 earnings per share for the current year.

Methode Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, April 18th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 7.44%. The ex-dividend date was Thursday, April 17th. Methode Electronics’s dividend payout ratio is currently -21.46%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MEI shares. Robert W. Baird decreased their price objective on Methode Electronics from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Sidoti upgraded Methode Electronics from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Tuesday, February 25th.

About Methode Electronics

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.