Methode Electronics, Inc. (NYSE:MEI) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lowered its stake in Methode Electronics, Inc. (NYSE:MEI - Free Report) by 52.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,362 shares of the electronics maker's stock after selling 44,266 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.11% of Methode Electronics worth $471,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Federated Hermes Inc. raised its stake in shares of Methode Electronics by 128.1% during the second quarter. Federated Hermes Inc. now owns 1,690,878 shares of the electronics maker's stock valued at $17,501,000 after purchasing an additional 949,616 shares during the period. Millennium Management LLC increased its stake in Methode Electronics by 98.7% during the 2nd quarter. Millennium Management LLC now owns 648,019 shares of the electronics maker's stock worth $6,707,000 after buying an additional 321,832 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Methode Electronics in the 2nd quarter worth $2,619,000. Algert Global LLC boosted its position in Methode Electronics by 228.2% in the 3rd quarter. Algert Global LLC now owns 273,551 shares of the electronics maker's stock valued at $3,272,000 after buying an additional 190,203 shares during the last quarter. Finally, Walleye Capital LLC grew its stake in shares of Methode Electronics by 86.6% during the third quarter. Walleye Capital LLC now owns 334,385 shares of the electronics maker's stock valued at $3,999,000 after acquiring an additional 155,147 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Methode Electronics Stock Down 1.6 %

Shares of MEI stock traded down $0.21 during trading hours on Monday, hitting $12.86. 299,207 shares of the company were exchanged, compared to its average volume of 532,876. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.73 and a current ratio of 2.75. The stock has a market capitalization of $458.55 million, a price-to-earnings ratio of -5.08 and a beta of 0.81. Methode Electronics, Inc. has a one year low of $8.54 and a one year high of $23.41. The business's 50-day simple moving average is $10.62 and its two-hundred day simple moving average is $10.83.

Methode Electronics (NYSE:MEI - Get Free Report) last issued its earnings results on Thursday, December 5th. The electronics maker reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.31. Methode Electronics had a negative return on equity of 3.26% and a negative net margin of 8.16%. During the same period last year, the business posted $0.06 earnings per share. Sell-side analysts predict that Methode Electronics, Inc. will post -0.4 EPS for the current fiscal year.

Methode Electronics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, January 17th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.35%. Methode Electronics's dividend payout ratio (DPR) is -22.13%.

Insider Transactions at Methode Electronics

In related news, Director Mary A. Lindsey purchased 8,800 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were acquired at an average cost of $11.38 per share, for a total transaction of $100,144.00. Following the transaction, the director now owns 25,970 shares of the company's stock, valued at $295,538.60. This trade represents a 51.25 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David P. Blom acquired 9,320 shares of Methode Electronics stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average price of $10.81 per share, with a total value 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 33.04 % 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.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MEI. Robert W. Baird boosted their price target on Methode Electronics from $13.00 to $16.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. StockNews.com raised Methode Electronics from a "sell" rating to a "hold" rating in a research report on Friday, September 6th.

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.