Alliancebernstein L.P. cut its stake in shares of Methode Electronics Inc. (NYSE:MEI) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,666 shares of the electronics maker’s stock after selling 600 shares during the period. Alliancebernstein L.P. owned 0.15% of Methode Electronics worth $1,445,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MEI. State Street Corp boosted its holdings in shares of Methode Electronics by 5.0% during the 1st quarter. State Street Corp now owns 1,200,634 shares of the electronics maker’s stock valued at $31,733,000 after acquiring an additional 56,980 shares in the last quarter. Investment Counselors of Maryland LLC lifted its stake in Methode Electronics by 1.8% in the fourth quarter. Investment Counselors of Maryland LLC now owns 992,193 shares of the electronics maker’s stock valued at $39,043,000 after purchasing an additional 17,492 shares during the last quarter. Norges Bank bought a new position in shares of Methode Electronics in the fourth quarter worth $29,003,000. Neumeier Poma Investment Counsel LLC bought a new position in Methode Electronics in the first quarter valued at $17,555,000. Finally, Systematic Financial Management LP grew its stake in shares of Methode Electronics by 1.1% during the first quarter. Systematic Financial Management LP now owns 596,845 shares of the electronics maker’s stock valued at $15,775,000 after buying an additional 6,488 shares during the last quarter. 93.25% of the stock is owned by institutional investors.
A number of equities research analysts have commented on the stock. ValuEngine downgraded shares of Methode Electronics from a “sell” rating to a “strong sell” rating in a research report on Monday, May 18th. Craig Hallum boosted their target price on shares of Methode Electronics from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Robert W. Baird cut their price target on shares of Methode Electronics from $43.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. B. Riley downgraded shares of Methode Electronics from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $42.00 to $24.00 in a research note on Thursday, March 19th. Finally, TheStreet upgraded shares of Methode Electronics from a “c” rating to a “b-” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $33.00.
Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Tuesday, June 30th. The electronics maker reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.03. The company had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $209.05 million. Methode Electronics had a net margin of 10.74% and a return on equity of 15.86%. Methode Electronics’s revenue was down 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 EPS. As a group, equities research analysts predict that Methode Electronics Inc. will post 3.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be paid a dividend of $0.11 per share. The ex-dividend date is Thursday, July 16th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.41%. Methode Electronics’s dividend payout ratio (DPR) is presently 14.86%.
Methode Electronics 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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