Methode Electronics Inc. (MEI) Position Raised by California Public Employees Retirement System
California Public Employees Retirement System increased its holdings in shares of Methode Electronics Inc. (NYSE:MEI) by 6.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,193 shares of the electronics maker’s stock after purchasing an additional 4,893 shares during the period. California Public Employees Retirement System’s holdings in Methode Electronics were worth $3,523,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MEI. Vanguard Group Inc. grew its stake in Methode Electronics by 0.7% in the second quarter. Vanguard Group Inc. now owns 3,194,454 shares of the electronics maker’s stock valued at $131,612,000 after acquiring an additional 22,852 shares during the period. Royce & Associates LP grew its stake in Methode Electronics by 1.4% in the third quarter. Royce & Associates LP now owns 1,230,099 shares of the electronics maker’s stock valued at $52,095,000 after acquiring an additional 17,443 shares during the period. Renaissance Technologies LLC grew its stake in Methode Electronics by 4.1% in the second quarter. Renaissance Technologies LLC now owns 1,047,880 shares of the electronics maker’s stock valued at $43,173,000 after acquiring an additional 41,580 shares during the period. State Street Corp grew its stake in Methode Electronics by 1.1% in the second quarter. State Street Corp now owns 916,563 shares of the electronics maker’s stock valued at $37,763,000 after acquiring an additional 9,803 shares during the period. Finally, Northern Trust Corp grew its stake in Methode Electronics by 11.8% in the second quarter. Northern Trust Corp now owns 534,065 shares of the electronics maker’s stock valued at $22,004,000 after acquiring an additional 56,575 shares during the period. 86.66% of the stock is owned by institutional investors and hedge funds.
In other news, VP Joseph Elias Khoury sold 21,400 shares of the firm’s stock in a transaction that occurred on Friday, December 21st. The stock was sold at an average price of $40.30, for a total value of $862,420.00. Following the transaction, the vice president now owns 267,200 shares in the company, valued at $10,768,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Isabelle C. Goossen sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $40.50, for a total value of $101,250.00. Following the completion of the transaction, the director now owns 40,950 shares in the company, valued at approximately $1,658,475. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.
Shares of Methode Electronics Inc. (NYSE:MEI) opened at $41.90 on Friday. The company has a quick ratio of 3.22, a current ratio of 3.74 and a debt-to-equity ratio of 0.17. Methode Electronics Inc. has a one year low of $36.05 and a one year high of $48.44. The company has a market capitalization of $1,577.04, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.07 and a beta of 0.78.
Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Thursday, December 7th. The electronics maker reported $0.64 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.64. Methode Electronics had a return on equity of 17.07% and a net margin of 10.81%. The firm had revenue of $230.10 million during the quarter, compared to analysts’ expectations of $218.03 million. During the same quarter last year, the firm posted $0.66 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. equities research analysts expect that Methode Electronics Inc. will post 2.58 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, January 12th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, January 11th. This is a positive change from Methode Electronics’s previous quarterly dividend of $0.09. Methode Electronics’s dividend payout ratio (DPR) is currently 18.03%.
MEI has been the subject of a number of research reports. B. Riley reissued a “buy” rating and issued a $49.00 price objective on shares of Methode Electronics in a research note on Tuesday, December 5th. ValuEngine raised Methode Electronics from a “hold” rating to a “buy” rating in a research note on Saturday, September 30th. Robert W. Baird reissued a “buy” rating and issued a $47.00 price objective on shares of Methode Electronics in a research note on Sunday, September 24th. Finally, Zacks Investment Research cut Methode Electronics from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $49.50.
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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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