Millennium Management LLC Has $6.71 Million Stock Position in Methode Electronics, Inc. (NYSE:MEI)

Millennium Management LLC boosted its holdings in shares of Methode Electronics, Inc. (NYSE:MEI) by 98.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 648,019 shares of the electronics maker’s stock after acquiring an additional 321,832 shares during the period. Millennium Management LLC owned approximately 1.83% of Methode Electronics worth $6,707,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of MEI. Vanguard Group Inc. increased its stake in Methode Electronics by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 4,679,605 shares of the electronics maker’s stock worth $56,998,000 after purchasing an additional 30,994 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Methode Electronics by 128.1% during the second quarter. Federated Hermes Inc. now owns 1,690,878 shares of the electronics maker’s stock worth $17,501,000 after acquiring an additional 949,616 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Methode Electronics by 29.5% during the second quarter. American Century Companies Inc. now owns 335,131 shares of the electronics maker’s stock worth $3,469,000 after acquiring an additional 76,391 shares during the period. Bridge City Capital LLC lifted its position in Methode Electronics by 57.7% in the 1st quarter. Bridge City Capital LLC now owns 245,640 shares of the electronics maker’s stock valued at $2,992,000 after acquiring an additional 89,902 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Methode Electronics by 124.1% in the 2nd quarter. AQR Capital Management LLC now owns 225,177 shares of the electronics maker’s stock worth $2,331,000 after purchasing an additional 124,677 shares during the period. 95.49% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Methode Electronics

In related news, Director Mary A. Lindsey purchased 8,800 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were acquired at an average price of $11.38 per share, for a total transaction of $100,144.00. Following the purchase, the director now owns 25,970 shares in the company, valued at approximately $295,538.60. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Mary A. Lindsey purchased 8,800 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was acquired at an average cost of $11.38 per share, with a total value of $100,144.00. Following the acquisition, the director now owns 25,970 shares in the company, valued at approximately $295,538.60. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David P. Blom acquired 9,320 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was purchased at an average cost of $10.81 per share, for a total transaction of $100,749.20. Following the completion of the acquisition, the director now owns 37,531 shares in the company, valued at approximately $405,710.11. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MEI shares. Robert W. Baird dropped their price target on Methode Electronics from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. StockNews.com raised Methode Electronics from a “sell” rating to a “hold” rating in a research report on Friday, September 6th.

Methode Electronics Stock Down 0.7 %

Shares of MEI stock opened at $10.40 on Friday. Methode Electronics, Inc. has a 1 year low of $8.54 and a 1 year high of $26.02. The firm has a market capitalization of $368.06 million, a P/E ratio of -2.98 and a beta of 0.72. The company has a current ratio of 2.35, a quick ratio of 1.50 and a debt-to-equity ratio of 0.40. The firm’s fifty day moving average price is $10.64 and its two-hundred day moving average price is $11.30.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, September 5th. The electronics maker reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.03). The firm had revenue of $258.50 million for the quarter, compared to the consensus estimate of $267.66 million. Methode Electronics had a negative return on equity of 3.50% and a negative net margin of 13.15%. During the same period last year, the company posted $0.06 earnings per share. On average, equities analysts predict that Methode Electronics, Inc. will post -0.62 EPS for the current fiscal year.

Methode Electronics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 5.38%. The ex-dividend date is Friday, October 18th. Methode Electronics’s dividend payout ratio is -16.05%.

Methode Electronics 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.