Russell Investments Group Ltd. Boosts Stock Position in Methode Electronics Inc. (NYSE:MEI)

Russell Investments Group Ltd. raised its stake in Methode Electronics Inc. (NYSE:MEI) by 32.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 54,603 shares of the electronics maker’s stock after purchasing an additional 13,348 shares during the period. Russell Investments Group Ltd.’s holdings in Methode Electronics were worth $1,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. acquired a new stake in Methode Electronics in the second quarter valued at about $38,000. NumerixS Investment Technologies Inc bought a new stake in shares of Methode Electronics in the 1st quarter worth about $90,000. Price Wealth Management Inc. bought a new stake in shares of Methode Electronics during the 2nd quarter valued at about $189,000. Palouse Capital Management Inc. acquired a new position in Methode Electronics during the 1st quarter valued at about $219,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Methode Electronics by 328.8% during the 1st 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 period. Institutional investors and hedge funds own 92.91% of the company’s stock.

Shares of MEI traded up $0.38 during trading hours on Friday, reaching $35.44. 262,881 shares of the company’s stock traded hands, compared to its average volume of 257,631. The firm’s 50 day simple moving average is $30.32 and its 200-day simple moving average is $28.85. The stock has a market cap of $1.30 billion, a PE ratio of 11.97 and a beta of 1.43. Methode Electronics Inc. has a 12 month low of $20.99 and a 12 month high of $37.85. 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, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.07. The company had revenue of $270.20 million for the quarter, compared to analyst estimates of $268.15 million. Methode Electronics had a return on equity of 16.39% and a net margin of 9.19%. The firm’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share. As a group, analysts expect that Methode Electronics Inc. will post 3.35 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, October 10th. Methode Electronics’s payout ratio is presently 14.86%.

In other news, Director Bruce K. Crowther acquired 900 shares of Methode Electronics stock in a transaction on Wednesday, September 4th. The shares were bought at an average cost of $31.58 per share, for a total transaction of $28,422.00. Following the acquisition, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $123,162. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.40% of the stock is owned by company insiders.

A number of equities research analysts have recently issued reports on the stock. TheStreet upgraded shares of Methode Electronics from a “c+” rating to a “b” rating in a report on Wednesday, September 11th. B. Riley set a $42.00 price objective on shares of Methode Electronics and gave the company a “buy” rating in a research report on Friday, August 30th. ValuEngine raised shares of Methode Electronics from a “strong sell” rating to a “sell” rating in a research note on Monday, August 26th. Finally, Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $40.25.

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

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