Virtus Advisers LLC Acquires Shares of 41,005 Methode Electronics, Inc. $MEI

Virtus Advisers LLC acquired a new stake in shares of Methode Electronics, Inc. (NYSE:MEI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 41,005 shares of the electronics maker’s stock, valued at approximately $778,000. Virtus Advisers LLC owned about 0.12% 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 MEI. Empowered Funds LLC boosted its position in shares of Methode Electronics by 8.3% during the first quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker’s stock valued at $812,000 after purchasing an additional 9,787 shares in the last quarter. Strs Ohio purchased a new stake in Methode Electronics during the 1st quarter valued at about $133,000. JPMorgan Chase & Co. grew its holdings in shares of Methode Electronics by 10.0% during the second quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker’s stock valued at $1,824,000 after buying an additional 17,418 shares during the last quarter. Franklin Resources Inc. bought a new position in Methode Electronics in the 2nd quarter valued at approximately $234,000. Finally, XTX Topco Ltd purchased a new stake in Methode Electronics during the 2nd quarter valued at $107,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Methode Electronics Stock Performance

Shares of Methode Electronics stock opened at $14.52 on Friday. Methode Electronics, Inc. has a 12 month low of $4.88 and a 12 month high of $20.38. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48. The firm has a market cap of $515.02 million, a P/E ratio of -14.38 and a beta of 1.50. The stock’s fifty day moving average price is $15.48 and its 200-day moving average price is $10.89.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings results 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%. On average, equities research analysts expect that Methode Electronics, Inc. will post -0.95 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were issued a $0.05 dividend. The ex-dividend date was Friday, July 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.4%. Methode Electronics’s payout ratio is currently -19.80%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MEI shares. Sidoti reaffirmed a “neutral” rating and set a $17.00 price objective on shares of Methode Electronics in a research report on Friday, June 26th. Barrington Research raised shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research report on Monday, June 29th. Zacks Research raised shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Finally, Robert W. Baird lifted their price objective on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $19.33.

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.