Russell Investments Group Ltd. lessened its stake in shares of Methode Electronics Inc. (NYSE:MEI) by 16.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 44,493 shares of the electronics maker’s stock after selling 8,876 shares during the period. Russell Investments Group Ltd.’s holdings in Methode Electronics were worth $1,611,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in MEI. Integrated Investment Consultants LLC purchased a new stake in Methode Electronics during the 2nd quarter worth approximately $113,000. First Hawaiian Bank purchased a new stake in Methode Electronics during the 3rd quarter worth approximately $242,000. Laurion Capital Management LP purchased a new stake in Methode Electronics during the 2nd quarter worth approximately $278,000. Pinnacle Associates Ltd. grew its position in Methode Electronics by 29.8% during the 2nd quarter. Pinnacle Associates Ltd. now owns 7,075 shares of the electronics maker’s stock worth $285,000 after purchasing an additional 1,625 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Methode Electronics during the 2nd quarter worth approximately $314,000. 93.33% of the stock is currently owned by institutional investors.
NYSE:MEI opened at $25.01 on Friday. The company has a quick ratio of 3.18, a current ratio of 3.83 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 10.00 and a beta of 1.21. Methode Electronics Inc. has a fifty-two week low of $24.08 and a fifty-two week high of $45.50.
Several analysts have commented on the stock. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a research note on Wednesday, August 22nd. ValuEngine cut shares of Methode Electronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 19th. Robert W. Baird cut shares of Methode Electronics from an “outperform” rating to a “neutral” rating in a research note on Monday, October 1st. Finally, TheStreet cut shares of Methode Electronics from a “b-” rating to a “c+” rating in a research note on Tuesday, October 2nd.
In other Methode Electronics news, Director Isabelle C. Goossen sold 2,500 shares of the company’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $39.32, for a total transaction of $98,300.00. Following the completion of the transaction, the director now directly owns 40,450 shares in the company, valued at $1,590,494. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company’s stock.
About Methode Electronics
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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