130,112 Shares in Methode Electronics, Inc. $MEI Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Methode Electronics, Inc. (NYSE:MEI) during the second quarter, Holdings Channel reports. The fund bought 130,112 shares of the electronics maker’s stock, valued at approximately $2,468,000.

Several other hedge funds have also modified their holdings of MEI. EverSource Wealth Advisors LLC boosted its position in shares of Methode Electronics by 1,027.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,089 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 2,815 shares during the period. Allworth Financial LP acquired a new stake in Methode Electronics during the 2nd quarter worth about $40,000. State of Wyoming acquired a new stake in Methode Electronics during the 1st quarter worth about $93,000. Mackenzie Financial Corp purchased a new stake in Methode Electronics during the third quarter valued at about $103,000. Finally, XTX Topco Ltd acquired a new position in shares of Methode Electronics in the second quarter worth about $107,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Robert W. Baird lifted their target price on shares of Methode Electronics from $8.50 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a research report on Friday, July 17th. Zacks Research raised shares of Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Craig Hallum began coverage on shares of Methode Electronics in a research report on Tuesday. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Barrington Research raised shares of Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $22.00.

Methode Electronics Trading Up 3.0%

Shares of NYSE MEI opened at $18.31 on Friday. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.48. Methode Electronics, Inc. has a one year low of $4.88 and a one year high of $20.38. The business has a 50-day moving average price of $15.93 and a two-hundred day moving average price of $11.19. The firm has a market capitalization of $649.46 million, a PE ratio of -18.13 and a beta of 1.50.

Methode Electronics (NYSE:MEI) last issued its earnings results on Wednesday, June 24th. The electronics maker reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $298.10 million during the quarter, compared to analyst estimates of $238.46 million. Methode Electronics had a negative net margin of 3.50% and a negative return on equity of 5.59%. As a group, analysts predict that Methode Electronics, Inc. will post -0.95 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

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

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.