Insider Buying: Methode Electronics, Inc. (NYSE:MEI) CEO Buys 32,733 Shares of Stock

Methode Electronics, Inc. (NYSE:MEI) CEO Jonathan B. Degaynor purchased 32,733 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average cost of $6.46 per share, with a total value of $211,455.18. Following the completion of the purchase, 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 filing with the SEC, which can be accessed through this link.

Methode Electronics Trading Down 2.8 %

Shares of MEI opened at $6.15 on Friday. The company’s fifty day simple moving average is $10.78 and its 200-day simple moving average is $10.82. The company has a market cap of $219.29 million, a P/E ratio of -2.43 and a beta of 0.77. The company has a current ratio of 2.75, a quick ratio of 1.73 and a debt-to-equity ratio of 0.46. Methode Electronics, Inc. has a twelve month low of $5.84 and a twelve month high of $17.45.

Methode Electronics (NYSE:MEI) last posted its quarterly earnings data 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). The firm had revenue of $239.90 million during the quarter, compared to analysts’ expectations of $264.01 million. 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 company earned ($0.33) earnings per share. As a group, analysts expect that Methode Electronics, Inc. will post -0.4 EPS for the current year.

Institutional Investors Weigh In On Methode Electronics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in Methode Electronics in the 4th quarter valued at $32,000. Virtus Fund Advisers LLC purchased a new stake in shares of Methode Electronics during the fourth quarter valued at $38,000. AlphaQuest LLC boosted its stake in shares of Methode Electronics by 196.8% during the fourth quarter. AlphaQuest LLC now owns 4,509 shares of the electronics maker’s stock valued at $53,000 after purchasing an additional 2,990 shares during the period. PharVision Advisers LLC purchased a new position in Methode Electronics in the 4th quarter worth about $120,000. Finally, Diversified Trust Co purchased a new position in Methode Electronics in the 4th quarter worth about $126,000. 95.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MEI. Robert W. Baird decreased their price objective on Methode Electronics from $14.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday, March 7th. Sidoti raised shares of Methode Electronics from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a research note 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.