Kalmar Investments Inc. DE Sells 275,200 Shares of Methode Electronics Inc. (MEI)
Kalmar Investments Inc. DE lowered its stake in Methode Electronics Inc. (NYSE:MEI) by 25.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 814,719 shares of the company’s stock after selling 275,200 shares during the period. Methode Electronics accounts for about 1.2% of Kalmar Investments Inc. DE’s investment portfolio, making the stock its 26th largest position. Kalmar Investments Inc. DE owned approximately 2.21% of Methode Electronics worth $27,888,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in MEI. Los Angeles Capital Management & Equity Research Inc. increased its position in Methode Electronics by 184.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 32,670 shares of the company’s stock valued at $955,000 after buying an additional 21,180 shares during the last quarter. Palouse Capital Management Inc. bought a new position in Methode Electronics during the second quarter valued at $203,000. JPMorgan Chase & Co. increased its position in Methode Electronics by 71.8% in the first quarter. JPMorgan Chase & Co. now owns 221,496 shares of the company’s stock valued at $6,476,000 after buying an additional 92,577 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in Methode Electronics by 3.6% in the first quarter. TIAA CREF Investment Management LLC now owns 210,350 shares of the company’s stock valued at $6,151,000 after buying an additional 7,257 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC increased its position in Methode Electronics by 18.5% in the first quarter. Silvercrest Asset Management Group LLC now owns 857,797 shares of the company’s stock valued at $25,082,000 after buying an additional 133,780 shares during the last quarter. 92.06% of the stock is owned by institutional investors.
Shares of Methode Electronics Inc. (NYSE:MEI) traded down 7.89% on Tuesday, reaching $32.10. The company had a trading volume of 459,215 shares. Methode Electronics Inc. has a 52-week low of $23.83 and a 52-week high of $37.25. The stock has a market capitalization of $1.19 billion, a PE ratio of 14.81 and a beta of 1.14. The company has a 50 day moving average price of $35.12 and a 200 day moving average price of $32.49.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.04. The company had revenue of $191.90 million for the quarter, compared to analysts’ expectations of $203.06 million. Methode Electronics had a return on equity of 17.70% and a net margin of 10.31%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. On average, equities research analysts anticipate that Methode Electronics Inc. will post $2.30 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, October 14th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.12%. Methode Electronics’s dividend payout ratio is currently 16.67%.
MEI has been the subject of several recent research reports. Craig Hallum downgraded Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 price target for the company. in a research report on Friday, September 2nd. Robert W. Baird reissued an “outperform” rating and set a $45.00 price target on shares of Methode Electronics in a research report on Wednesday, August 31st. Zacks Investment Research downgraded Methode Electronics from a “hold” rating to a “sell” rating in a research report on Wednesday, August 31st. FBR & Co restated an “outperform” rating and set a $42.00 price objective on shares of Methode Electronics in a report on Friday, June 24th. Finally, B. Riley restated a “buy” rating and set a $44.50 price objective on shares of Methode Electronics in a report on Wednesday, September 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of C$22.48.
In other Methode Electronics news, Director Isabelle C. Goossen sold 3,000 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of C$35.75, for a total transaction of C$107,250.00. Following the sale, the director now directly owns 41,000 shares of the company’s stock, valued at approximately C$1,465,750. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Timothy Glandon sold 39,183 shares of the business’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of C$35.02, for a total transaction of C$1,372,188.66. Following the sale, the vice president now directly owns 40,205 shares in the company, valued at C$1,407,979.10. The disclosure for this sale can be found here. 5.80% of the stock is owned by company insiders.
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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