Methode Electronics, Inc. (MEI) Holdings Cut by USA Financial Portformulas Corp
USA Financial Portformulas Corp decreased its holdings in shares of Methode Electronics, Inc. (NYSE:MEI) by 15.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,641 shares of the electronics maker’s stock after selling 5,251 shares during the period. USA Financial Portformulas Corp owned approximately 0.08% of Methode Electronics worth $1,221,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Alps Advisors Inc. increased its position in Methode Electronics by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 10,858 shares of the electronics maker’s stock worth $447,000 after purchasing an additional 28 shares during the period. Pinebridge Investments L.P. increased its position in Methode Electronics by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 4,847 shares of the electronics maker’s stock worth $199,000 after purchasing an additional 49 shares during the period. State Board of Administration of Florida Retirement System increased its position in Methode Electronics by 0.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 32,641 shares of the electronics maker’s stock worth $1,345,000 after purchasing an additional 117 shares during the period. Amalgamated Bank increased its position in Methode Electronics by 2.8% during the 2nd quarter. Amalgamated Bank now owns 4,975 shares of the electronics maker’s stock worth $205,000 after purchasing an additional 134 shares during the period. Finally, Arizona State Retirement System increased its position in Methode Electronics by 1.1% during the 1st quarter. Arizona State Retirement System now owns 19,175 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 200 shares during the period. Institutional investors own 89.82% of the company’s stock.
Several equities analysts have issued reports on the company. Robert W. Baird reiterated a “buy” rating and set a $46.00 target price on shares of Methode Electronics in a research report on Tuesday. BidaskClub upgraded Methode Electronics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. B. Riley restated a “buy” rating and issued a $49.00 price target on shares of Methode Electronics in a report on Wednesday, June 28th. FBR & Co restated an “outperform” rating and issued a $49.00 price target on shares of Methode Electronics in a report on Tuesday, July 18th. Finally, Zacks Investment Research cut Methode Electronics from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $48.00.
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Methode Electronics, Inc. (NYSE MEI) traded down 0.11% during midday trading on Tuesday, hitting $44.95. The company had a trading volume of 20,268 shares. Methode Electronics, Inc. has a 12-month low of $29.85 and a 12-month high of $46.40. The company’s 50 day moving average is $41.13 and its 200 day moving average is $41.03. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 18.27 and a beta of 0.76.
Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, August 31st. The electronics maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.12. Methode Electronics had a return on equity of 18.11% and a net margin of 11.16%. The firm had revenue of $201.20 million for the quarter, compared to analysts’ expectations of $189.40 million. During the same quarter in the previous year, the company earned $0.57 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities analysts anticipate that Methode Electronics, Inc. will post $2.54 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be issued a dividend of $0.09 per share. The ex-dividend date is Thursday, October 12th. This represents a $0.36 annualized dividend and a yield of 0.80%. Methode Electronics’s payout ratio is 14.63%.
Methode Electronics 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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