GSA Capital Partners LLP Takes $393,000 Position in Methode Electronics Inc. (MEI)

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.

Shares of NYSE MEI opened at $30.18 on Friday. Methode Electronics Inc. has a twelve month low of $20.99 and a twelve month high of $45.45. The firm has a market cap of $1.12 billion, a P/E ratio of 10.06 and a beta of 1.45. The company has a quick ratio of 1.83, a current ratio of 2.53 and a debt-to-equity ratio of 0.43.

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.

COPYRIGHT VIOLATION NOTICE: “GSA Capital Partners LLP Takes $393,000 Position in Methode Electronics Inc. (MEI)” was published by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this story on another site, it was stolen and republished in violation of United States and international copyright and trademark legislation. The legal version of this story can be viewed at https://sportsperspectives.com/2019/03/17/gsa-capital-partners-llp-takes-393000-position-in-methode-electronics-inc-mei.html.

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.

Recommended Story: Compound Annual Growth Rate (CAGR)

Want to see what other hedge funds are holding MEI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methode Electronics Inc. (NYSE:MEI).

Institutional Ownership by Quarter for Methode Electronics (NYSE:MEI)

Receive News & Ratings for Methode Electronics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methode Electronics and related companies with MarketBeat.com's FREE daily email newsletter.