Profund Advisors LLC reduced its stake in shares of Methode Electronics, Inc. (NYSE:MEI) by 11.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,178 shares of the electronics maker’s stock after selling 814 shares during the quarter. Profund Advisors LLC’s holdings in Methode Electronics were worth $255,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Laurion Capital Management LP bought a new stake in shares of Methode Electronics during the second quarter valued at about $779,000. Elk Creek Partners LLC raised its stake in shares of Methode Electronics by 1.4% during the second quarter. Elk Creek Partners LLC now owns 206,304 shares of the electronics maker’s stock valued at $8,500,000 after purchasing an additional 2,947 shares in the last quarter. Amalgamated Bank raised its stake in shares of Methode Electronics by 2.8% during the second quarter. Amalgamated Bank now owns 4,975 shares of the electronics maker’s stock valued at $205,000 after purchasing an additional 134 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Methode Electronics by 33.5% during the second quarter. Ameriprise Financial Inc. now owns 443,393 shares of the electronics maker’s stock valued at $18,268,000 after purchasing an additional 111,170 shares in the last quarter. Finally, Icon Advisers Inc. Co. bought a new stake in shares of Methode Electronics during the second quarter valued at about $2,048,000. Institutional investors and hedge funds own 89.82% of the company’s stock.
A number of brokerages recently weighed in on MEI. ValuEngine upgraded shares of Methode Electronics from a “hold” rating to a “buy” rating in a research note on Saturday, September 30th. Robert W. Baird reiterated a “buy” rating and issued a $47.00 price target on shares of Methode Electronics in a research report on Sunday, September 24th. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a research report on Tuesday, September 5th. FBR & Co reiterated a “buy” rating on shares of Methode Electronics in a research report on Thursday, August 31st. Finally, BidaskClub upgraded shares of Methode Electronics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Methode Electronics presently has an average rating of “Buy” and an average price target of $48.33.
Shares of Methode Electronics, Inc. (NYSE:MEI) opened at 44.55 on Thursday. The company has a market capitalization of $1.64 billion, a PE ratio of 18.11 and a beta of 0.76. The firm has a 50-day moving average of $40.71 and a 200 day moving average of $41.06. Methode Electronics, Inc. has a 12 month low of $29.85 and a 12 month high of $46.40.
Methode Electronics (NYSE:MEI) last released its earnings results on Thursday, August 31st. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.12. Methode Electronics had a return on equity of 18.11% and a net margin of 11.16%. The firm had revenue of $201.20 million for the quarter, compared to analyst estimates of $189.40 million. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities research analysts expect that Methode Electronics, Inc. will post $2.54 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend is Thursday, October 12th. Methode Electronics’s payout ratio is 14.63%.
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About Methode Electronics
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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