Wellington Management Group LLP Buys Shares of 87,400 Methode Electronics, Inc. $MEI

Wellington Management Group LLP purchased a new stake in shares of Methode Electronics, Inc. (NYSE:MEI) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 87,400 shares of the electronics maker’s stock, valued at approximately $1,658,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of MEI. EverSource Wealth Advisors LLC boosted its position in shares of Methode Electronics by 1,027.4% in the second 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 during the period. Allworth Financial LP bought a new stake in Methode Electronics during the 2nd quarter worth approximately $40,000. Legal & General Group Plc bought a new stake in Methode Electronics during the 2nd quarter worth approximately $65,000. State of Wyoming purchased a new stake in Methode Electronics in the 1st quarter worth approximately $93,000. Finally, Mackenzie Financial Corp purchased a new stake in Methode Electronics in the 3rd quarter worth approximately $103,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Methode Electronics Trading Up 7.3%

Shares of Methode Electronics stock opened at $14.58 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.41 and a quick ratio of 1.65. Methode Electronics, Inc. has a 1 year low of $4.88 and a 1 year high of $20.38. The firm has a market cap of $519.81 million, a PE ratio of -14.02 and a beta of 1.54. The company has a 50 day simple moving average of $15.78 and a two-hundred day simple moving average of $11.67.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Wednesday, September 2nd. The electronics maker reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. Methode Electronics had a negative net margin of 3.52% and a negative return on equity of 5.63%. The firm had revenue of $265.40 million for the quarter, compared to analyst estimates of $238.31 million. Analysts expect that Methode Electronics, Inc. will post -0.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Sidoti restated a “neutral” rating and set a $17.00 price target on shares of Methode Electronics in a research report on Friday, June 26th. 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 downgraded Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Robert W. Baird lifted their price objective on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Methode Electronics presently has a consensus rating of “Hold” and an average target price of $22.00.

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.