Virginia Retirement Systems ET AL purchased a new position in Methode Electronics Inc. (NYSE:MEI) during the second quarter, Holdings Channel reports. The firm purchased 25,400 shares of the company’s stock, valued at approximately $869,000. Virginia Retirement Systems ET AL owned about 0.07% of Methode Electronics at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Methode Electronics during the fourth quarter worth approximately $11,873,000. Nisa Investment Advisors L.L.C. bought a new position in shares of Methode Electronics during the first quarter worth approximately $348,000. Virginia Retirement System bought a new position in shares of Methode Electronics during the first quarter worth approximately $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 worth $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 worth approximately $402,000. 92.09% of the stock is currently owned by hedge funds and other institutional investors.
Methode Electronics Inc. (NYSE:MEI) opened at 34.97 on Monday. The company’s 50 day moving average is $35.52 and its 200 day moving average is $31.91. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 16.13 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 announced its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, topping the 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 company had revenue of $191.90 million for the quarter, compared to analysts’ expectations of $203.06 million. During the same quarter in the previous year, the business posted $0.60 earnings per share. Methode Electronics’s quarterly revenue was down 5.6% on a year-over-year basis. Analysts forecast that Methode Electronics Inc. will post $2.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Wednesday, October 12th. Methode Electronics’s dividend payout ratio (DPR) is 16.67%.
MEI has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Methode Electronics from a “sell” rating to a “hold” rating in a report on Friday, June 10th. B. Riley reissued a “buy” rating and issued a $44.50 price target on shares of Methode Electronics in a report on Tuesday, June 21st. Robert W. Baird raised shares of Methode Electronics from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $35.00 to $45.00 in a report on Friday, June 24th. FBR & Co reissued 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 investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of C$22.48.
In other Methode Electronics news, VP Timothy Glandon sold 39,183 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 40,205 shares in the company, valued at C$1,407,979.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul G. Shelton sold 2,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of C$36.99, for a total transaction of C$73,980.00. The disclosure for this sale can be found here. Company insiders own 5.80% of the company’s stock.
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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