Towle & Co. Reduces Stake in Methode Electronics, Inc. $MEI

Towle & Co. cut its position in shares of Methode Electronics, Inc. (NYSE:MEI) by 38.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 718,847 shares of the electronics maker’s stock after selling 439,930 shares during the quarter. Towle & Co.’s holdings in Methode Electronics were worth $3,968,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of MEI. Empowered Funds LLC boosted its position in shares of Methode Electronics by 8.3% in the 1st quarter. Empowered Funds LLC now owns 127,268 shares of the electronics maker’s stock worth $812,000 after buying an additional 9,787 shares in the last quarter. Strs Ohio acquired a new stake in Methode Electronics in the 1st quarter valued at about $133,000. JPMorgan Chase & Co. increased its holdings in Methode Electronics by 10.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 191,757 shares of the electronics maker’s stock valued at $1,824,000 after acquiring an additional 17,418 shares in the last quarter. Franklin Resources Inc. acquired a new position in Methode Electronics during the second quarter worth about $234,000. Finally, XTX Topco Ltd acquired a new position in Methode Electronics during the second quarter worth about $107,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Methode Electronics Price Performance

NYSE:MEI opened at $16.06 on Friday. The firm has a market cap of $569.61 million, a price-to-earnings ratio of -15.90 and a beta of 1.47. 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 company’s 50-day moving average is $13.79 and its two-hundred day moving average is $9.73. Methode Electronics, Inc. has a 12-month low of $4.88 and a 12-month high of $20.38.

Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The firm had revenue of $298.10 million for 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%. Research analysts expect that Methode Electronics, Inc. will post -0.95 EPS for the current year.

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, July 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. Methode Electronics’s dividend payout ratio (DPR) is -19.80%.

Wall Street Analysts Forecast Growth

MEI has been the topic of several recent research reports. Robert W. Baird upped their price target on shares of Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Zacks Research downgraded Methode Electronics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 30th. Wall Street Zen lowered Methode Electronics from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Sidoti reiterated a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. Finally, Barrington Research upgraded Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a report on Monday, June 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $19.33.

About Methode Electronics

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.