Kalmar Investments Inc. DE decreased its stake in shares of Methode Electronics Inc. (NYSE:MEI) by 25.2% during the second quarter, Holdings Channel reports. The firm owned 814,719 shares of the company’s stock after selling 275,200 shares during the period. Methode Electronics accounts for about 1.2% of Kalmar Investments Inc. DE’s investment portfolio, making the stock its 26th largest position. Kalmar Investments Inc. DE’s holdings in Methode Electronics were worth $27,888,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in MEI. Reinhart Partners Inc. purchased a new stake in shares of Methode Electronics during the second quarter valued at about $403,000. Independent Portfolio Consultants Inc. increased its stake 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 valued at $599,000 after buying an additional 6,540 shares during the period. Eqis Capital Management Inc. purchased a new stake in shares of Methode Electronics during the second quarter valued at about $202,000. Capstone Asset Management Co. increased its stake 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 valued at $475,000 after buying an additional 960 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake 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 valued at $407,000 after buying an additional 5,948 shares during the period. 92.06% of the stock is currently owned by institutional investors.
Shares of Methode Electronics Inc. (NYSE:MEI) traded down 7.89% during midday trading on Tuesday, reaching $32.10. 459,215 shares of the company were exchanged. Methode Electronics Inc. has a 52-week low of $23.83 and a 52-week high of $37.25. The stock has a 50-day moving average price of $35.12 and a 200 day moving average price of $32.49. The company has a market capitalization of $1.19 billion, a P/E ratio of 14.81 and a beta of 1.14.
Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, September 1st. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.04. The company had revenue of $191.90 million for the quarter, compared to analyst estimates of $203.06 million. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. Equities research analysts expect that Methode Electronics Inc. will post $2.30 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.36 annualized dividend and a yield of 1.12%. Methode Electronics’s dividend payout ratio (DPR) is presently 16.67%.
Several brokerages have issued reports on MEI. Zacks Investment Research downgraded shares of Methode Electronics from a “hold” rating to a “sell” rating in a research note on Wednesday, August 31st. Robert W. Baird restated an “outperform” rating and set a $45.00 price target on shares of Methode Electronics in a report on Wednesday, August 31st. B. Riley restated a “buy” rating and set a $44.50 price target on shares of Methode Electronics in a report on Wednesday, September 7th. Craig Hallum cut 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. Finally, FBR & Co restated an “outperform” rating and set a $42.00 price target on shares of Methode Electronics in a report on Friday, June 24th. One investment analyst has rated the stock with a sell rating, four have assigned 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 target price of C$22.48.
In other Methode Electronics news, Director Paul G. Shelton sold 2,000 shares of the stock in a transaction 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 SEC, which is available through the SEC website. Also, VP Timothy Glandon sold 39,183 shares of the 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 in the company, 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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