Prudential Financial Inc. lowered its position in Methode Electronics Inc. (NYSE:MEI) by 32.2% during the second quarter, Holdings Channel reports. The firm owned 165,010 shares of the company’s stock after selling 78,200 shares during the period. Prudential Financial Inc. owned approximately 0.45% of Methode Electronics worth $5,648,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in MEI. Royce & Associates LP raised its stake in Methode Electronics by 37.3% in the first quarter. Royce & Associates LP now owns 965,606 shares of the company’s stock worth $28,234,000 after buying an additional 262,150 shares during the period. Silvercrest Asset Management Group LLC raised its stake in Methode Electronics by 18.5% in the first quarter. Silvercrest Asset Management Group LLC now owns 857,797 shares of the company’s stock worth $25,082,000 after buying an additional 133,780 shares during the period. Glenmede Trust Co. NA raised its stake in Methode Electronics by 1,880.0% in the second quarter. Glenmede Trust Co. NA now owns 839,378 shares of the company’s stock worth $28,731,000 after buying an additional 796,985 shares during the period. Investment Counselors of Maryland LLC raised its stake in Methode Electronics by 17.5% in the second quarter. Investment Counselors of Maryland LLC now owns 682,647 shares of the company’s stock worth $23,367,000 after buying an additional 101,575 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Methode Electronics by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 332,892 shares of the company’s stock worth $9,734,000 after buying an additional 45,826 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.
Methode Electronics Inc. (NYSE:MEI) traded down 1.29% on Thursday, hitting $34.50. The stock had a trading volume of 8,672 shares. The company’s 50 day moving average is $35.31 and its 200-day moving average is $32.32. Methode Electronics Inc. has a 1-year low of $23.83 and a 1-year high of $37.25. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 15.91 and a beta of 1.13.
Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, beating 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 company earned $191.90 million during the quarter, compared to the consensus estimate of $203.06 million. During the same period in the previous year, the business earned $0.60 earnings per share. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. On average, analysts forecast that Methode Electronics Inc. will post $2.30 EPS for the current 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. 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 1.03%. Methode Electronics’s dividend payout ratio (DPR) is 16.67%.
A number of equities research analysts recently commented on MEI shares. B. Riley restated a “buy” rating and set a $44.50 price target on shares of Methode Electronics in a research report on Sunday, June 26th. Robert W. Baird reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Methode Electronics in a report on Wednesday, August 31st. Zacks Investment Research downgraded Methode Electronics from a “hold” rating to a “sell” rating in a report on Wednesday, August 31st. Craig Hallum downgraded 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. Finally, FBR & Co reaffirmed an “outperform” rating and set a $42.00 price objective on shares of Methode Electronics in a report on Friday, June 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of C$22.48.
In related news, VP Timothy Glandon sold 39,183 shares of Methode Electronics 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 value of C$1,372,188.66. Following the transaction, the vice president now directly owns 40,205 shares of the company’s stock, valued at C$1,407,979.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul G. Shelton sold 2,000 shares of Methode Electronics 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 transaction of C$73,980.00. 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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