Methode Electronics, Inc. (MEI) Stake Raised by Ameriprise Financial Inc.
Ameriprise Financial Inc. increased its stake in Methode Electronics, Inc. (NYSE:MEI) by 33.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 443,393 shares of the electronics maker’s stock after buying an additional 111,170 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.20% of Methode Electronics worth $18,268,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in Methode Electronics by 117,664.2% during the first quarter. BlackRock Inc. now owns 4,412,625 shares of the electronics maker’s stock worth $201,216,000 after buying an additional 4,408,878 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Methode Electronics by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 3,171,602 shares of the electronics maker’s stock valued at $144,624,000 after acquiring an additional 131,039 shares during the period. State Street Corp grew its position in shares of Methode Electronics by 0.3% in the 1st quarter. State Street Corp now owns 906,760 shares of the electronics maker’s stock valued at $41,349,000 after acquiring an additional 3,068 shares during the period. Geode Capital Management LLC grew its position in shares of Methode Electronics by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 457,354 shares of the electronics maker’s stock valued at $20,855,000 after acquiring an additional 15,513 shares during the period. Finally, Rice Hall James & Associates LLC grew its position in shares of Methode Electronics by 0.4% in the 2nd quarter. Rice Hall James & Associates LLC now owns 400,746 shares of the electronics maker’s stock valued at $16,511,000 after acquiring an additional 1,665 shares during the period. 89.80% of the stock is owned by institutional investors.
Several research firms have recently weighed in on MEI. Robert W. Baird restated an “outperform” rating and set a $47.00 price objective (down from $51.00) on shares of Methode Electronics in a research note on Monday, June 19th. BidaskClub lowered Methode Electronics from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. B. Riley reiterated a “buy” rating and set a $49.00 target price on shares of Methode Electronics in a research note on Friday, June 23rd. Zacks Investment Research downgraded Methode Electronics from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, FBR & Co reissued an “outperform” rating and set a $49.00 target price on shares of Methode Electronics in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $48.25.
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Methode Electronics, Inc. (MEI) opened at 43.00 on Tuesday. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 17.48 and a beta of 0.76. The firm has a 50-day moving average price of $39.53 and a 200-day moving average price of $41.04. Methode Electronics, Inc. has a one year low of $29.85 and a one year high of $46.40.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.12. The business had revenue of $201.20 million during the quarter, compared to the consensus estimate of $189.40 million. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. Analysts expect that Methode Electronics, Inc. will post $2.53 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be paid a $0.09 dividend. The ex-dividend date is Thursday, October 12th. This represents a $0.36 annualized dividend and a yield of 0.84%. Methode Electronics’s payout ratio is 14.63%.
About Methode Electronics
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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