California State Teachers Retirement System cut its position in Methode Electronics, Inc. (NYSE:MEI) by 11.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,485 shares of the electronics maker’s stock after selling 8,418 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Methode Electronics worth $2,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. Acrospire Investment Management LLC grew its holdings in 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 during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Methode Electronics during the 2nd quarter valued at about $122,000. Riverhead Capital Management LLC boosted its stake in shares of Methode Electronics by 87.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,996 shares of the electronics maker’s stock valued at $123,000 after purchasing an additional 1,396 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Methode Electronics during the 2nd quarter valued at about $132,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Methode Electronics by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 3,565 shares of the electronics maker’s stock valued at $147,000 after purchasing an additional 536 shares in the last quarter. Hedge funds and other institutional investors own 89.51% of the company’s stock.
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MEI has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. BidaskClub raised shares of Methode Electronics from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. FBR & Co reissued a “buy” rating on shares of Methode Electronics in a report on Thursday, August 31st. Robert W. Baird reissued a “buy” rating and set a $47.00 price objective on shares of Methode Electronics in a report on Sunday, September 24th. Finally, ValuEngine lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $49.50.
Methode Electronics, Inc. (NYSE MEI) opened at $47.40 on Tuesday. Methode Electronics, Inc. has a 1-year low of $35.75 and a 1-year high of $47.53. The stock has a market cap of $1,740.00, a PE ratio of 18.31, a price-to-earnings-growth ratio of 1.22 and a beta of 0.80. The company has a current ratio of 4.32, a quick ratio of 3.81 and a debt-to-equity ratio of 0.08.
Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, August 31st. The electronics maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.12. The business had revenue of $201.20 million for the quarter, compared to analysts’ expectations of $189.40 million. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. equities analysts anticipate that Methode Electronics, Inc. will post 2.58 earnings per share for the current year.
The firm also recently declared 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. This represents a $0.36 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Thursday, October 12th. Methode Electronics’s dividend payout ratio is presently 14.63%.
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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