California State Teachers Retirement System lowered its stake in Methode Electronics, Inc. (NYSE:MEI) by 11.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,485 shares of the company’s stock after selling 8,418 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Methode Electronics worth $2,616,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new position in Methode Electronics in the second quarter worth about $132,000. State Street Corp grew its position in Methode Electronics by 1.1% in the second quarter. State Street Corp now owns 916,563 shares of the company’s stock worth $37,763,000 after acquiring an additional 9,803 shares in the last quarter. Gotham Asset Management LLC grew its position in Methode Electronics by 25.3% in the second quarter. Gotham Asset Management LLC now owns 23,460 shares of the company’s stock worth $967,000 after acquiring an additional 4,732 shares in the last quarter. HighTower Advisors LLC purchased a new position in Methode Electronics in the second quarter worth about $382,000. Finally, Zacks Investment Management grew its position in Methode Electronics by 413.3% in the second quarter. Zacks Investment Management now owns 31,841 shares of the company’s stock worth $1,312,000 after acquiring an additional 25,638 shares in the last quarter. Institutional investors own 91.06% of the company’s stock.
Several research analysts recently commented on the company. B. Riley reiterated a “buy” rating on shares of Methode Electronics in a research report on Wednesday, November 1st. Zacks Investment Research upgraded Methode Electronics from a “hold” rating to a “strong-buy” rating and set a $54.00 price target for the company in a research report on Tuesday, November 7th. BidaskClub upgraded Methode Electronics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Robert W. Baird reiterated a “buy” rating and issued a $46.00 price target on shares of Methode Electronics in a research report on Tuesday, October 17th. Finally, FBR & Co reiterated an “outperform” rating and issued a $49.00 price target on shares of Methode Electronics in a research report on Tuesday, July 18th. One analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. Methode Electronics presently has an average rating of “Buy” and an average target price of C$49.50.
Methode Electronics, Inc. (NYSE:MEI) opened at C$46.50 on Friday. Methode Electronics, Inc. has a 12-month low of C$34.00 and a 12-month high of C$47.40. The stock has a market capitalization of $1,711.67, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 1.20 and a beta of 0.80. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.81 and a current ratio of 4.32.
Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, August 31st. The company reported C$0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.48 by C$0.12. Methode Electronics had a return on equity of 18.11% and a net margin of 11.16%. The business had revenue of C$201.20 million during the quarter, compared to analyst estimates of C$189.40 million. During the same quarter in the previous year, the business earned $0.57 earnings per share. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. equities research analysts forecast that Methode Electronics, Inc. will post 2.58 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Friday, October 13th were given a dividend of $0.09 per share. The ex-dividend date was Thursday, October 12th. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. Methode Electronics’s dividend payout ratio (DPR) is presently 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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