Wells Fargo & Company MN Sells 24,820 Shares of Methode Electronics Inc. (NYSE:MEI)

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Wells Fargo & Company MN cut its position in shares of Methode Electronics Inc. (NYSE:MEI) by 6.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 353,410 shares of the electronics maker’s stock after selling 24,820 shares during the quarter. Wells Fargo & Company MN owned 0.95% of Methode Electronics worth $10,097,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its position in Methode Electronics by 328.8% during the first quarter. BNP Paribas Arbitrage SA now owns 8,306 shares of the electronics maker’s stock valued at $239,000 after purchasing an additional 6,369 shares during the last quarter. SG Americas Securities LLC boosted its position in Methode Electronics by 43.0% during the first quarter. SG Americas Securities LLC now owns 31,872 shares of the electronics maker’s stock valued at $917,000 after purchasing an additional 9,581 shares during the last quarter. Janus Henderson Group PLC boosted its position in Methode Electronics by 6.6% during the first quarter. Janus Henderson Group PLC now owns 13,099 shares of the electronics maker’s stock valued at $377,000 after purchasing an additional 814 shares during the last quarter. Rhumbline Advisers boosted its position in Methode Electronics by 0.7% during the first quarter. Rhumbline Advisers now owns 114,509 shares of the electronics maker’s stock valued at $3,296,000 after purchasing an additional 848 shares during the last quarter. Finally, Comerica Bank boosted its position in Methode Electronics by 1.8% during the first quarter. Comerica Bank now owns 161,280 shares of the electronics maker’s stock valued at $4,868,000 after purchasing an additional 2,869 shares during the last quarter. Institutional investors and hedge funds own 93.05% of the company’s stock.

In related news, Director Bruce K. Crowther acquired 900 shares of the stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $31.58 per share, for a total transaction of $28,422.00. Following the purchase, the director now directly owns 3,900 shares in the company, valued at $123,162. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.40% of the stock is owned by company insiders.

Shares of MEI traded down $0.16 during mid-day trading on Thursday, reaching $36.69. The company’s stock had a trading volume of 2,374 shares, compared to its average volume of 238,122. Methode Electronics Inc. has a 1-year low of $20.99 and a 1-year high of $38.95. The stock has a market cap of $1.33 billion, a P/E ratio of 12.42 and a beta of 1.43. The business has a 50-day simple moving average of $29.53 and a two-hundred day simple moving average of $28.59. The company has a current ratio of 2.55, a quick ratio of 1.88 and a debt-to-equity ratio of 0.40.

Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, August 29th. The electronics maker reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Methode Electronics had a return on equity of 16.39% and a net margin of 9.19%. The business had revenue of $270.20 million during the quarter, compared to analysts’ expectations of $268.15 million. During the same period last year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. Research analysts anticipate that Methode Electronics Inc. will post 3.35 EPS for the current year.

Several brokerages recently commented on MEI. B. Riley set a $42.00 price target on Methode Electronics and gave the company a “buy” rating in a research report on Friday, August 30th. Zacks Investment Research raised Methode Electronics from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. Finally, ValuEngine raised Methode Electronics from a “strong sell” rating to a “sell” rating in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $40.25.

Methode Electronics Company Profile

Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.

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Institutional Ownership by Quarter for Methode Electronics (NYSE:MEI)

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