GSA Capital Partners LLP purchased a new stake in shares of Methode Electronics Inc. (NYSE:MEI) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 16,859 shares of the electronics maker’s stock, valued at approximately $393,000.
Other hedge funds have also added to or reduced their stakes in the company. First Interstate Bank raised its stake in shares of Methode Electronics by 13.4% during the fourth quarter. First Interstate Bank now owns 4,311 shares of the electronics maker’s stock valued at $100,000 after acquiring an additional 510 shares during the last quarter. Unison Advisors LLC bought a new position in shares of Methode Electronics during the fourth quarter valued at $241,000. PNC Financial Services Group Inc. raised its stake in shares of Methode Electronics by 42.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,354 shares of the electronics maker’s stock valued at $242,000 after acquiring an additional 3,108 shares during the last quarter. Quantbot Technologies LP bought a new position in Methode Electronics during the third quarter worth $263,000. Finally, Xact Kapitalforvaltning AB raised its stake in Methode Electronics by 53.4% during the fourth quarter. Xact Kapitalforvaltning AB now owns 12,637 shares of the electronics maker’s stock worth $294,000 after buying an additional 4,400 shares during the last quarter. 94.98% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Ronald L.G. Tsoumas purchased 5,735 shares of the firm’s stock in a transaction on Friday, December 28th. The stock was purchased at an average cost of $24.98 per share, with a total value of $143,260.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher J. Hornung purchased 8,200 shares of the firm’s stock in a transaction on Friday, December 21st. The stock was bought at an average cost of $22.16 per share, with a total value of $181,712.00. Following the completion of the purchase, the director now owns 49,050 shares of the company’s stock, valued at approximately $1,086,948. The disclosure for this purchase can be found here. Insiders have purchased 19,670 shares of company stock valued at $468,233 in the last three months. 3.40% of the stock is owned by insiders.
Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, March 7th. The electronics maker reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.23. Methode Electronics had a net margin of 10.76% and a return on equity of 18.64%. The business had revenue of $246.90 million during the quarter, compared to the consensus estimate of $259.29 million. During the same quarter last year, the firm earned $0.65 earnings per share. Methode Electronics’s quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts predict that Methode Electronics Inc. will post 2.89 EPS for the current fiscal year.
A number of brokerages recently weighed in on MEI. Robert W. Baird raised shares of Methode Electronics from a “neutral” rating to an “outperform” rating and set a $44.00 target price for the company in a research note on Tuesday, December 4th. ValuEngine raised shares of Methode Electronics from a “strong sell” rating to a “sell” rating in a research note on Wednesday, December 5th. Zacks Investment Research raised shares of Methode Electronics from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, December 5th. Craig Hallum raised shares of Methode Electronics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $25.00 to $42.00 in a research note on Friday, March 8th. Finally, B. Riley reissued a “buy” rating and set a $42.00 target price on shares of Methode Electronics in a research note on Friday, December 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $40.25.
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About Methode Electronics
Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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