California Public Employees Retirement System grew its holdings in shares of Methode Electronics Inc. (NYSE:MEI) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 owned about 0.23% of Methode Electronics worth $3,523,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Piermont Capital Management Inc. bought a new position in shares of Methode Electronics during the second quarter valued at $938,000. Crossmark Global Holdings Inc. bought a new position in Methode Electronics during the third quarter worth $287,000. LSV Asset Management raised its stake in Methode Electronics by 101.5% during the second quarter. LSV Asset Management now owns 105,800 shares of the electronics maker’s stock worth $4,358,000 after buying an additional 53,300 shares during the last quarter. Vanguard Group Inc. raised its stake in Methode Electronics by 0.7% during the second quarter. Vanguard Group Inc. now owns 3,194,454 shares of the electronics maker’s stock worth $131,612,000 after buying an additional 22,852 shares during the last quarter. Finally, Royce & Associates LP raised its stake in Methode Electronics by 1.4% during the third quarter. Royce & Associates LP now owns 1,230,099 shares of the electronics maker’s stock worth $52,095,000 after buying an additional 17,443 shares during the last quarter. Institutional investors and hedge funds own 86.60% of the company’s stock.
Methode Electronics Inc. (NYSE MEI) traded down $0.75 during trading on Friday, reaching $40.45. 224,389 shares of the company were exchanged, compared to its average volume of 203,721. The company has a quick ratio of 3.22, a current ratio of 3.74 and a debt-to-equity ratio of 0.17. The company has a market cap of $1,544.58, a price-to-earnings ratio of 16.58, a PEG ratio of 1.04 and a beta of 0.82. Methode Electronics Inc. has a twelve month low of $36.05 and a twelve month high of $48.44.
Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, December 7th. The electronics maker reported $0.64 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.64. Methode Electronics had a net margin of 10.81% and a return on equity of 17.07%. The business had revenue of $230.10 million during the quarter, compared to analysts’ expectations of $218.03 million. During the same quarter in the previous year, the company earned $0.66 EPS. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. research analysts anticipate that Methode Electronics Inc. will post 2.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 26th. Investors of record on Friday, January 12th were issued a dividend of $0.11 per share. This is a positive change from Methode Electronics’s previous quarterly dividend of $0.09. This represents a $0.44 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date was Thursday, January 11th. Methode Electronics’s dividend payout ratio is currently 18.03%.
A number of equities research analysts have commented on the stock. Zacks Investment Research cut shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. B. Riley restated a “buy” rating and set a $49.00 price target on shares of Methode Electronics in a report on Tuesday, December 5th. Robert W. Baird reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Methode Electronics in a research report on Tuesday, October 17th. Finally, ValuEngine lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Thursday, December 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $49.50.
In related news, Director Isabelle C. Goossen sold 2,500 shares of the stock in a transaction dated 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 directly owns 40,950 shares in the company, valued at approximately $1,658,475. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Joseph Elias Khoury sold 21,400 shares of the stock in a transaction dated Friday, December 21st. The shares were sold at an average price of $40.30, for a total transaction of $862,420.00. Following the sale, the vice president now directly owns 267,200 shares in the company, valued at $10,768,160. The disclosure for this sale can be found here. Corporate insiders own 4.40% of the company’s stock.
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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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