Virtus Advisers LLC Invests $778,000 in Methode Electronics, Inc. $MEI

Virtus Advisers LLC bought a new position in shares of Methode Electronics, Inc. (NYSE:MEI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 41,005 shares of the electronics maker’s stock, valued at approximately $778,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in Methode Electronics in the 2nd quarter worth approximately $65,727,000. Deutsche Bank AG acquired a new stake in Methode Electronics during the second quarter valued at $4,982,000. AIGH Capital Management LLC purchased a new position in shares of Methode Electronics in the 2nd quarter valued at about $31,839,000. Bank of New York Mellon Corp purchased a new stake in shares of Methode Electronics in the second quarter valued at approximately $5,233,000. Finally, GSA Capital Partners LLP purchased a new stake in Methode Electronics in the 2nd quarter worth $226,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Methode Electronics Trading Up 2.2%

Shares of Methode Electronics stock opened at $14.52 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.37 and a quick ratio of 1.66. The stock’s 50 day simple moving average is $15.48 and its 200-day simple moving average is $10.89. The stock has a market cap of $515.02 million, a P/E ratio of -14.38 and a beta of 1.50. Methode Electronics, Inc. has a 1-year low of $4.88 and a 1-year high of $20.38.

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

Methode Electronics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, July 17th. Methode Electronics’s dividend payout ratio is presently -19.80%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MEI. Wall Street Zen cut Methode Electronics from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research note on Monday, June 29th. Zacks Research raised Methode Electronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Methode Electronics in a report on Friday, July 17th. Finally, Sidoti reaffirmed a “neutral” rating and set a $17.00 target price on shares of Methode Electronics in a report on Friday, June 26th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Methode Electronics currently has an average rating of “Hold” and a consensus target price of $19.33.

Methode Electronics 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.