232,500 Shares in Methode Electronics, Inc. (NYSE:MEI) Purchased by Norges Bank

Norges Bank acquired a new stake in shares of Methode Electronics, Inc. (NYSE:MEI - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 232,500 shares of the electronics maker's stock, valued at approximately $2,741,000. Norges Bank owned 0.65% of Methode Electronics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MEI. Barclays PLC boosted its stake in shares of Methode Electronics by 112.3% during the 3rd quarter. Barclays PLC now owns 127,917 shares of the electronics maker's stock worth $1,530,000 after acquiring an additional 67,656 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in Methode Electronics in the fourth quarter worth approximately $3,678,000. Geode Capital Management LLC increased its position in Methode Electronics by 2.6% during the third quarter. Geode Capital Management LLC now owns 802,728 shares of the electronics maker's stock worth $9,603,000 after buying an additional 20,487 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Methode Electronics by 5.1% in the 4th quarter. Empowered Funds LLC now owns 117,481 shares of the electronics maker's stock valued at $1,385,000 after acquiring an additional 5,677 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Methode Electronics in the third quarter valued at approximately $254,000. Institutional investors own 95.49% of the company's stock.

Methode Electronics Price Performance

NYSE MEI traded down $0.01 during trading hours on Wednesday, reaching $5.68. 27,173 shares of the company's stock were exchanged, compared to its average volume of 499,698. Methode Electronics, Inc. has a one year low of $5.08 and a one year high of $17.45. The stock has a market cap of $202.72 million, a PE ratio of -2.25 and a beta of 0.93. The company has a current ratio of 2.75, a quick ratio of 1.73 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average of $7.87 and a 200-day moving average of $10.03.

Methode Electronics (NYSE:MEI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.04). Methode Electronics had a negative net margin of 8.16% and a negative return on equity of 3.26%. The company had revenue of $239.90 million during the quarter, compared to analyst estimates of $264.01 million. During the same period in the prior year, the business earned ($0.33) EPS. On average, equities research analysts predict that Methode Electronics, Inc. will post -0.4 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Friday, April 18th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 9.86%. The ex-dividend date was Thursday, April 17th. Methode Electronics's payout ratio is -21.46%.

Insider Buying and Selling at Methode Electronics

In related news, CEO Jonathan B. Degaynor acquired 32,733 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average cost of $6.46 per share, with a total value of $211,455.18. Following the transaction, the chief executive officer now owns 32,733 shares of the company's stock, valued at $211,455.18. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Lars Ullrich acquired 15,150 shares of Methode Electronics stock in a transaction dated Friday, March 14th. The shares were purchased at an average cost of $6.69 per share, with a total value of $101,353.50. Following the completion of the transaction, the senior vice president now directly owns 15,150 shares of the company's stock, valued at $101,353.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Robert W. Baird dropped their price objective on Methode Electronics from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Tuesday. Sidoti raised shares of Methode Electronics from a "neutral" rating to a "buy" rating and set a $14.00 price objective for the company in a report on Tuesday, February 25th.

About Methode Electronics

Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.