Ameriprise Financial Inc. decreased its position in Methode Electronics Inc. (NYSE:MEI) by 41.7% during the second quarter, Holdings Channel reports. The firm owned 195,784 shares of the company’s stock after selling 140,086 shares during the period. Ameriprise Financial Inc. owned 0.53% of Methode Electronics worth $6,701,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors L.L.C. purchased a new stake in shares of Methode Electronics during the first quarter worth about $348,000. Virginia Retirement System purchased a new stake in shares of Methode Electronics during the first quarter worth about $962,000. Pacad Investment Ltd. purchased a new stake in shares of Methode Electronics during the first quarter worth about $402,000. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Methode Electronics by 184.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 32,670 shares of the company’s stock worth $955,000 after buying an additional 21,180 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Methode Electronics by 3.6% in the first quarter. TIAA CREF Investment Management LLC now owns 210,350 shares of the company’s stock worth $6,151,000 after buying an additional 7,257 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.
Shares of Methode Electronics Inc. (NYSE:MEI) traded up 1.883% during trading on Monday, hitting $35.975. 16,396 shares of the stock were exchanged. The stock’s 50 day moving average is $35.43 and its 200-day moving average is $32.16. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 16.594 and a beta of 1.14. Methode Electronics Inc. has a 12-month low of $23.83 and a 12-month high of $37.25.
Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.04. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. The business had revenue of $191.90 million for the quarter, compared to analyst estimates of $203.06 million. During the same quarter in the previous year, the business earned $0.60 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. Equities research analysts anticipate that Methode Electronics Inc. will post $2.30 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.02%. Methode Electronics’s dividend payout ratio is currently 16.67%.
A number of analysts recently issued reports on MEI shares. B. Riley restated a “buy” rating and set a $44.50 target price on shares of Methode Electronics in a research report on Tuesday, June 21st. Zacks Investment Research lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Robert W. Baird upgraded shares of Methode Electronics from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $35.00 to $45.00 in a report on Friday, June 24th. FBR & Co reiterated an “outperform” rating and issued a $42.00 price target on shares of Methode Electronics in a report on Friday, June 24th. Finally, Craig Hallum lowered shares of Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price target on the stock. in a report on Friday, September 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Methode Electronics has an average rating of “Hold” and an average price target of C$22.48.
In other Methode Electronics news, Director Paul G. Shelton sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of C$36.99, for a total value of C$73,980.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Timothy Glandon sold 39,183 shares of the company’s stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of C$35.02, for a total transaction of C$1,372,188.66. Following the completion of the transaction, the vice president now owns 40,205 shares in the company, valued at approximately C$1,407,979.10. The disclosure for this sale can be found here. Insiders own 5.80% of the company’s stock.
Methode Electronics Company Profile
Methode Electronics, Inc (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other.
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