Millennium Management LLC Boosts Holdings in Methode Electronics, Inc. (NYSE:MEI)

Millennium Management LLC boosted its position in Methode Electronics, Inc. (NYSE:MEI - Free Report) by 98.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 648,019 shares of the electronics maker's stock after purchasing an additional 321,832 shares during the period. Millennium Management LLC owned about 1.83% of Methode Electronics worth $6,707,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MEI. Nordea Investment Management AB boosted its position in Methode Electronics by 58.8% during the first quarter. Nordea Investment Management AB now owns 224,600 shares of the electronics maker's stock worth $2,700,000 after purchasing an additional 83,151 shares during the period. Federated Hermes Inc. raised its holdings in Methode Electronics by 128.1% in the 2nd quarter. Federated Hermes Inc. now owns 1,690,878 shares of the electronics maker's stock valued at $17,501,000 after acquiring an additional 949,616 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of Methode Electronics by 424.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 52,966 shares of the electronics maker's stock worth $645,000 after acquiring an additional 42,875 shares during the period. American Century Companies Inc. increased its stake in shares of Methode Electronics by 29.5% during the second quarter. American Century Companies Inc. now owns 335,131 shares of the electronics maker's stock worth $3,469,000 after purchasing an additional 76,391 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Methode Electronics during the 1st quarter worth approximately $136,000. Institutional investors own 95.49% of the company's stock.

Methode Electronics Stock Up 5.5 %

Shares of Methode Electronics stock traded up $0.57 on Friday, hitting $10.97. The stock had a trading volume of 464,950 shares, compared to its average volume of 553,567. The stock has a 50 day moving average of $10.64 and a 200 day moving average of $11.30. Methode Electronics, Inc. has a twelve month low of $8.54 and a twelve month high of $26.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.50 and a current ratio of 2.35.

Methode Electronics (NYSE:MEI - Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The electronics maker reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.03). Methode Electronics had a negative return on equity of 3.50% and a negative net margin of 13.15%. The business had revenue of $258.50 million for the quarter, compared to analyst estimates of $267.66 million. During the same quarter last year, the firm posted $0.06 EPS. As a group, equities research analysts forecast that Methode Electronics, Inc. will post -0.62 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Friday, October 18th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date is Friday, October 18th. Methode Electronics's dividend payout ratio is presently -13.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MEI shares. StockNews.com upgraded shares of Methode Electronics from a "sell" rating to a "hold" rating in a research note on Friday, September 6th. Robert W. Baird reduced their price objective on Methode Electronics from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th.

Insider Transactions at Methode Electronics

In other Methode Electronics news, Director David P. Blom bought 9,320 shares of the business's stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average price of $10.81 per share, for a total transaction of $100,749.20. Following the transaction, the director now directly owns 37,531 shares in the company, valued at approximately $405,710.11. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director David P. Blom purchased 9,320 shares of the business's stock in a transaction on Wednesday, September 18th. The shares were acquired at an average price of $10.81 per share, for a total transaction of $100,749.20. Following the completion of the acquisition, the director now owns 37,531 shares in the company, valued at approximately $405,710.11. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary A. Lindsey bought 8,800 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was purchased at an average price of $11.38 per share, for a total transaction of $100,144.00. Following the completion of the acquisition, the director now owns 25,970 shares in the company, valued at $295,538.60. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company's stock.

Methode Electronics Company Profile

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.