Midas Management Corp held its position in shares of Methode Electronics Inc. (NYSE:MEI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,000 shares of the company’s stock at the end of the second quarter. Midas Management Corp’s holdings in Methode Electronics were worth $856,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Eqis Capital Management Inc. acquired a new position in shares of Methode Electronics during the second quarter worth $202,000. Palouse Capital Management Inc. acquired a new position in shares of Methode Electronics during the second quarter worth $203,000. Reinhart Partners Inc. acquired a new position in shares of Methode Electronics during the second quarter worth $403,000. Nisa Investment Advisors L.L.C. acquired a new position in shares of Methode Electronics during the first quarter worth $348,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Methode Electronics by 99.9% in the second quarter. BNP Paribas Arbitrage SA now owns 11,903 shares of the company’s stock worth $407,000 after buying an additional 5,948 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.
Shares of Methode Electronics Inc. (NYSE:MEI) traded down 7.89% on Tuesday, hitting $32.10. The company had a trading volume of 459,215 shares. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 14.81 and a beta of 1.14. The stock’s 50-day moving average is $34.99 and its 200 day moving average is $32.52. Methode Electronics Inc. has a 52 week low of $23.83 and a 52 week high of $37.25.
Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, September 1st. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. Methode Electronics had a return on equity of 17.70% and a net margin of 10.31%. The company earned $191.90 million during the quarter, compared to analysts’ expectations of $203.06 million. During the same period last year, the business posted $0.60 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. Equities analysts expect that Methode Electronics Inc. will post $2.30 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Wednesday, October 12th. Methode Electronics’s dividend payout ratio (DPR) is presently 16.67%.
A number of brokerages have weighed in on MEI. B. Riley reissued a “buy” rating and issued a $44.50 target price on shares of Methode Electronics in a research report on Friday, September 2nd. Craig Hallum downgraded Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price target for the company. in a research note on Friday, September 2nd. Zacks Investment Research downgraded Methode Electronics from a “hold” rating to a “sell” rating in a research note on Wednesday, June 22nd. Robert W. Baird restated an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of Methode Electronics in a research note on Tuesday, September 6th. Finally, FBR & Co restated an “outperform” rating and set a $42.00 price target on shares of Methode Electronics in a research note on Friday, June 24th. One 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 company. The company presently has a consensus 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 stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of C$36.99, for a total value of C$73,980.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy Glandon sold 39,183 shares of the stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of C$35.02, for a total value of C$1,372,188.66. Following the completion of the sale, the vice president now owns 40,205 shares of the company’s stock, valued at C$1,407,979.10. The disclosure for this sale can be found here. 5.80% of the stock is owned by company insiders.
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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