Methode Electronics, Inc. $MEI Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC raised its stake in Methode Electronics, Inc. (NYSE:MEI) by 46.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 90,000 shares of the electronics maker’s stock after acquiring an additional 28,500 shares during the period. Renaissance Technologies LLC’s holdings in Methode Electronics were worth $497,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Sei Investments Co. grew its stake in Methode Electronics by 87.7% in the first quarter. Sei Investments Co. now owns 465,973 shares of the electronics maker’s stock worth $2,572,000 after purchasing an additional 217,764 shares in the last quarter. 4D Advisors LLC acquired a new stake in Methode Electronics during the fourth quarter valued at approximately $3,320,000. Penn Capital Management Company LLC raised its stake in Methode Electronics by 66.9% during the fourth quarter. Penn Capital Management Company LLC now owns 296,267 shares of the electronics maker’s stock valued at $1,967,000 after buying an additional 118,749 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Methode Electronics by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,351,962 shares of the electronics maker’s stock worth $7,463,000 after buying an additional 52,821 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Methode Electronics during the 2nd quarter worth approximately $107,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Methode Electronics Stock Performance

Shares of MEI stock opened at $18.00 on Tuesday. The company has a market cap of $638.46 million, a P/E ratio of -17.82 and a beta of 1.50. The business has a 50 day moving average of $15.25 and a two-hundred day moving average of $10.74. Methode Electronics, Inc. has a 52 week low of $4.88 and a 52 week high of $20.38. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.48.

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 analysts’ consensus estimates of ($0.11) by ($0.19). Methode Electronics had a negative return on equity of 5.59% and a negative net margin of 3.50%.The company had revenue of $298.10 million for the quarter, compared to analyst estimates of $238.46 million. As a group, analysts anticipate that Methode Electronics, Inc. will post -0.95 EPS for the current year.

Methode Electronics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, July 17th. Methode Electronics’s dividend payout ratio (DPR) is presently -19.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Robert W. Baird boosted their price target on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Barrington Research upgraded Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research note on Monday, June 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a report on Friday, July 17th. Zacks Research upgraded shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Sidoti reissued a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.33.

Methode Electronics 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.