Renaissance Technologies LLC Grows Stock Holdings in Methode Electronics, Inc. $MEI

Renaissance Technologies LLC lifted its holdings in Methode Electronics, Inc. (NYSE:MEI) by 46.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,000 shares of the electronics maker’s stock after acquiring an additional 28,500 shares during the period. Renaissance Technologies LLC owned approximately 0.25% of Methode Electronics worth $497,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Methode Electronics by 1,027.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 2,815 shares in the last quarter. State of Wyoming acquired a new stake in Methode Electronics in the 1st quarter valued at $93,000. Mackenzie Financial Corp acquired a new stake in Methode Electronics in the 3rd quarter valued at $103,000. XTX Topco Ltd purchased a new position in Methode Electronics in the second quarter valued at about $107,000. Finally, Inscription Capital LLC acquired a new position in shares of Methode Electronics during the fourth quarter worth about $112,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Methode Electronics Stock Performance

NYSE:MEI opened at $18.00 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The firm has a 50-day moving average of $15.25 and a two-hundred day moving average of $10.74. The stock has a market cap of $638.46 million, a P/E ratio of -17.82 and a beta of 1.50. Methode Electronics, Inc. has a 1-year low of $4.88 and a 1-year high of $20.38.

Methode Electronics (NYSE:MEI) last announced its 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). Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. The business had revenue of $298.10 million for the quarter, compared to analyst estimates of $238.46 million. On average, research analysts expect that Methode Electronics, Inc. will post -0.95 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

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

Wall Street Analysts Forecast Growth

MEI has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Sidoti reiterated a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research report on Monday, June 29th. Robert W. Baird upped their price target on Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Wall Street Zen downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Methode Electronics currently has an average rating of “Hold” and an average price target 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.