New York State Teachers Retirement System lowered its position in Methode Electronics Inc. (NYSE:MEI) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 109,696 shares of the company’s stock after selling 100 shares during the period. New York State Teachers Retirement System’s holdings in Methode Electronics were worth $3,755,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Reinhart Partners Inc. acquired a new position in shares of Methode Electronics during the second quarter worth $403,000. Independent Portfolio Consultants Inc. raised its position in shares of Methode Electronics by 59.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 17,510 shares of the company’s stock worth $599,000 after buying an additional 6,540 shares in the last quarter. Eqis Capital Management Inc. acquired a new position in shares of Methode Electronics during the second quarter worth $202,000. Capstone Asset Management Co. raised its position in shares of Methode Electronics by 7.4% in the second quarter. Capstone Asset Management Co. now owns 13,883 shares of the company’s stock worth $475,000 after buying an additional 960 shares in the last quarter. 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 in the last quarter. 92.09% of the stock is currently owned by institutional investors.
Shares of Methode Electronics Inc. (NYSE:MEI) traded down 1.51% during mid-day trading on Friday, reaching $35.31. The company had a trading volume of 118,212 shares. The company’s 50-day moving average is $35.43 and its 200 day moving average is $32.16. The stock has a market capitalization of $1.30 billion, a P/E ratio of 16.29 and a beta of 1.13. Methode Electronics Inc. has a 52-week low of $23.83 and a 52-week high of $37.25.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, September 1st. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. The firm earned $191.90 million during the quarter, compared to analyst estimates of $203.06 million. During the same quarter last year, the business posted $0.60 EPS. The company’s revenue was down 5.6% on a year-over-year basis. Analysts anticipate that Methode Electronics Inc. will post $2.30 EPS for the current fiscal year.
The company also recently disclosed 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. This represents a $0.36 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Wednesday, October 12th. Methode Electronics’s dividend payout ratio is 16.67%.
A number of brokerages have weighed in on MEI. B. Riley reissued a “buy” rating and set a $44.50 price target on shares of Methode Electronics in a research note on Wednesday, September 7th. Robert W. Baird restated an “outperform” rating and set a $46.00 price objective (up from $45.00) on shares of Methode Electronics in a report on Tuesday, September 6th. Zacks Investment Research upgraded Methode Electronics from a “sell” rating to a “hold” rating in a report on Tuesday, September 6th. Craig Hallum downgraded Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price objective for the company. in a report on Friday, September 2nd. Finally, FBR & Co restated an “outperform” rating and set a $42.00 price objective on shares of Methode Electronics in a report 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 stock has a consensus rating of “Hold” and an average target price of C$22.48.
In related news, Director Paul G. Shelton sold 2,000 shares of the firm’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 Securities & Exchange Commission, which is accessible through this link. Also, VP Timothy Glandon sold 39,183 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The stock was 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 directly owns 40,205 shares of the company’s stock, valued at approximately C$1,407,979.10. The disclosure for this sale can be found here. 5.80% of the stock is currently owned by corporate 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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