Nationwide Fund Advisors reduced its stake in shares of Methode Electronics Inc. (NYSE:MEI) by 13.5% during the second quarter, Holdings Channel reports. The institutional investor owned 61,907 shares of the company’s stock after selling 9,690 shares during the period. Nationwide Fund Advisors owned 0.17% of Methode Electronics worth $2,119,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. Quantbot Technologies LP raised its stake in Methode Electronics by 140.4% in the second quarter. Quantbot Technologies LP now owns 3,895 shares of the company’s stock valued at $133,000 after buying an additional 2,275 shares in the last quarter. Eqis Capital Management Inc. acquired a new stake in Methode Electronics during the second quarter valued at approximately $202,000. Palouse Capital Management Inc. acquired a new stake in Methode Electronics during the second quarter valued at approximately $203,000. Alambic Investment Management L.P. acquired a new stake in Methode Electronics during the second quarter valued at approximately $219,000. Finally, Quantitative Investment Management LLC acquired a new stake in Methode Electronics during the second quarter valued at approximately $246,000. Institutional investors and hedge funds own 92.08% of the company’s stock.
Methode Electronics Inc. (NYSE:MEI) traded down 1.00% during trading on Thursday, reaching $34.60. 22,252 shares of the company’s stock were exchanged. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 15.96 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. The company’s 50 day moving average price is $35.31 and its 200-day moving average price is $32.32.
Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, September 1st. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.04. The firm earned $191.90 million during the quarter, compared to analysts’ expectations of $203.06 million. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 earnings per share. On average, equities analysts expect that Methode Electronics Inc. will post $2.30 EPS for the current year.
The firm also recently announced 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 1.03%. The ex-dividend date is Wednesday, October 12th. Methode Electronics’s dividend payout ratio (DPR) is presently 16.67%.
Several research firms have recently commented on MEI. Zacks Investment Research lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 22nd. Robert W. Baird raised shares of Methode Electronics from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $35.00 to $45.00 in a research note on Friday, June 24th. B. Riley reissued a “buy” rating and set a $44.50 price objective on shares of Methode Electronics in a research note on Tuesday, June 21st. FBR & Co reissued an “outperform” rating and set a $42.00 price objective on shares of Methode Electronics in a research note on Friday, June 24th. Finally, Craig Hallum downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price objective on the stock. in a research note on Friday, September 2nd. 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’s stock. Methode Electronics currently has a consensus rating of “Hold” and a consensus price target of C$22.48.
In other news, Director Lawrence B. Skatoff sold 3,000 shares of the business’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of C$35.00, for a total value of C$105,000.00. Following the completion of the sale, the director now directly owns 40,850 shares in the company, valued at C$1,429,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy Glandon sold 39,183 shares of the business’s stock in a transaction 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 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 currently 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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