Wells Fargo & Company MN decreased its holdings in shares of Methode Electronics, Inc. (NYSE:MEI) by 4.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 299,876 shares of the electronics maker’s stock after selling 15,612 shares during the period. Wells Fargo & Company MN owned approximately 0.81% of Methode Electronics worth $12,700,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Acrospire Investment Management LLC grew its stake in shares of Methode Electronics by 22.2% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,751 shares of the electronics maker’s stock worth $113,000 after acquiring an additional 500 shares in the last quarter. Riverhead Capital Management LLC grew its stake in shares of Methode Electronics by 87.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,996 shares of the electronics maker’s stock worth $123,000 after acquiring an additional 1,396 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Methode Electronics in the 2nd quarter worth $132,000. Victory Capital Management Inc. grew its stake in shares of Methode Electronics by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 3,565 shares of the electronics maker’s stock worth $147,000 after acquiring an additional 536 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Methode Electronics in the 2nd quarter worth $156,000. Hedge funds and other institutional investors own 89.89% of the company’s stock.
Several analysts have recently issued reports on the stock. FBR & Co reiterated a “buy” rating on shares of Methode Electronics in a research note on Thursday, August 31st. Zacks Investment Research upgraded shares of Methode Electronics from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a research note on Tuesday, November 7th. Robert W. Baird reiterated a “buy” rating and issued a $46.00 target price on shares of Methode Electronics in a research note on Tuesday, October 17th. ValuEngine lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. Finally, B. Riley reiterated a “buy” rating on shares of Methode Electronics in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $49.50.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, December 7th. The electronics maker reported $0.64 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.64. The company had revenue of $230.10 million during the quarter, compared to analyst estimates of $218.03 million. Methode Electronics had a net margin of 10.81% and a return on equity of 17.07%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. equities analysts forecast that Methode Electronics, Inc. will post 2.58 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 12th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, January 11th. This represents a $0.44 annualized dividend and a yield of 1.09%. This is a positive change from Methode Electronics’s previous quarterly dividend of $0.09. Methode Electronics’s dividend payout ratio is presently 14.75%.
In related news, Director Isabelle C. Goossen sold 2,500 shares of the stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $40.50, for a total transaction of $101,250.00. Following the completion of the transaction, the director now owns 40,950 shares in the company, valued at $1,658,475. The transaction was disclosed in a document filed with the SEC, which is available through this link. 4.40% of the stock is currently owned by corporate 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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