Wellington Management Group LLP Takes Position in Methode Electronics, Inc. $MEI

Wellington Management Group LLP purchased a new position in Methode Electronics, Inc. (NYSE:MEI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 87,400 shares of the electronics maker’s stock, valued at approximately $1,658,000. Wellington Management Group LLP owned about 0.25% of Methode Electronics as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in Methode Electronics by 87.7% in the first quarter. Sei Investments Co. now owns 465,973 shares of the electronics maker’s stock valued at $2,572,000 after acquiring an additional 217,764 shares during the last quarter. Empowered Funds LLC grew its position in shares of Methode Electronics by 51.2% during the 1st quarter. Empowered Funds LLC now owns 632,346 shares of the electronics maker’s stock valued at $3,491,000 after acquiring an additional 214,224 shares during the period. BlackRock Inc. purchased a new stake in shares of Methode Electronics during the 2nd quarter worth approximately $65,727,000. Ieq Capital LLC purchased a new stake in shares of Methode Electronics during the 2nd quarter worth approximately $2,330,000. Finally, Deutsche Bank AG bought a new stake in shares of Methode Electronics in the 2nd quarter worth approximately $4,982,000. Institutional investors own 95.49% of the company’s stock.

Methode Electronics Stock Performance

Shares of MEI stock opened at $14.58 on Friday. The stock has a market capitalization of $519.81 million, a P/E ratio of -14.02 and a beta of 1.54. The company has a current ratio of 2.41, a quick ratio of 1.65 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average is $15.78 and its 200 day moving average is $11.67. Methode Electronics, Inc. has a 12 month low of $4.88 and a 12 month high of $20.38.

Methode Electronics (NYSE:MEI) last released its quarterly earnings data on Wednesday, September 2nd. The electronics maker reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. Methode Electronics had a negative net margin of 3.52% and a negative return on equity of 5.63%. The business had revenue of $265.40 million during the quarter, compared to analyst estimates of $238.31 million. On average, sell-side analysts anticipate that Methode Electronics, Inc. will post -0.81 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on MEI. Craig Hallum began coverage on Methode Electronics in a research note on Tuesday, August 25th. They issued a “buy” rating and a $30.00 price objective on the stock. Barrington Research raised Methode Electronics from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a research report on Monday, June 29th. Robert W. Baird boosted their target price on Methode Electronics from $8.50 to $16.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Wall Street Zen cut Methode Electronics from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Methode Electronics in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.00.

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.