California Public Employees Retirement System lowered its stake in Methode Electronics Inc. (NYSE:MEI) by 3.1% during the second quarter, Holdings Channel reports. The institutional investor owned 82,500 shares of the company’s stock after selling 2,600 shares during the period. California Public Employees Retirement System owned approximately 0.22% of Methode Electronics worth $2,824,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in MEI. Norges Bank purchased a new stake in Methode Electronics during the fourth quarter valued at about $11,873,000. Nisa Investment Advisors L.L.C. bought a new position in shares of Methode Electronics during the first quarter valued at $348,000. Virginia Retirement System bought a new position in shares of Methode Electronics during the first quarter valued at $962,000. Icon Advisers Inc. Co. raised its position in shares of Methode Electronics by 67.5% in the first quarter. Icon Advisers Inc. Co. now owns 32,000 shares of the company’s stock valued at $936,000 after buying an additional 12,900 shares during the last quarter. Finally, Pacad Investment Ltd. bought a new position in shares of Methode Electronics during the first quarter valued at $402,000. 92.09% of the stock is currently owned by institutional investors.
Shares of Methode Electronics Inc. (NYSE:MEI) traded down 2.63% during mid-day trading on Thursday, reaching $34.48. 150,838 shares of the company’s stock traded hands. The company has a market capitalization of $1.27 billion, a P/E ratio of 15.90 and a beta of 1.34. The firm has a 50-day moving average price of $35.59 and a 200-day moving average price of $31.84. Methode Electronics Inc. has a 1-year low of $23.83 and a 1-year high of $37.25.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.04. The firm had revenue of $191.90 million for the quarter, compared to analysts’ expectations of $203.06 million. Methode Electronics had a return on equity of 17.70% and a net margin of 10.31%. Methode Electronics’s revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS. On average, equities research analysts forecast that Methode Electronics Inc. will post $2.30 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.02%. Methode Electronics’s dividend payout ratio is currently 16.67%.
Several research analysts have recently weighed in on MEI shares. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a report on Friday, June 10th. B. Riley reiterated a “buy” rating and set a $44.50 price objective on shares of Methode Electronics in a report on Tuesday, June 21st. Robert W. Baird upgraded shares of Methode Electronics from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $35.00 to $45.00 in a report on Friday, June 24th. FBR & Co reiterated an “outperform” rating and set a $42.00 price objective 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 objective on the stock. in a report on Friday, September 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of C$22.48.
In other Methode Electronics news, VP Timothy Glandon sold 4,000 shares of Methode Electronics stock in a transaction dated Friday, July 1st. The stock was sold at an average price of C$34.62, for a total transaction of C$138,480.00. Following the transaction, the vice president now owns 64,030 shares of the company’s stock, valued at approximately C$2,216,718.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Treasurer Ronald L.G. Tsoumas sold 8,057 shares of Methode Electronics stock in a transaction dated Friday, July 1st. The shares were sold at an average price of C$33.94, for a total value of C$273,454.58. Following the transaction, the treasurer now directly owns 94,167 shares in the company, valued at approximately C$3,196,027.98. The disclosure for this sale can be found here. 5.80% of the stock is owned by corporate insiders.
About Methode Electronics
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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