Victory Capital Management Inc. lessened its position in Methode Electronics, Inc. (NYSE:MEI – Free Report) by 16.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,861 shares of the electronics maker’s stock after selling 8,086 shares during the period. Victory Capital Management Inc. owned about 0.11% of Methode Electronics worth $1,403,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MEI. Ameritas Advisory Services LLC acquired a new position in Methode Electronics during the first quarter worth approximately $48,000. Steward Partners Investment Advisory LLC acquired a new position in Methode Electronics during the fourth quarter worth approximately $53,000. Point72 Hong Kong Ltd acquired a new position in Methode Electronics during the second quarter worth approximately $99,000. Tower Research Capital LLC TRC increased its position in Methode Electronics by 52.1% during the third quarter. Tower Research Capital LLC TRC now owns 3,219 shares of the electronics maker’s stock worth $120,000 after purchasing an additional 1,103 shares during the last quarter. Finally, Captrust Financial Advisors increased its position in Methode Electronics by 9.7% during the second quarter. Captrust Financial Advisors now owns 4,195 shares of the electronics maker’s stock worth $155,000 after purchasing an additional 371 shares during the last quarter. Institutional investors and hedge funds own 89.02% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts recently commented on MEI shares. StockNews.com started coverage on shares of Methode Electronics in a research report on Thursday, October 5th. They set a “hold” rating for the company. Robert W. Baird dropped their price target on shares of Methode Electronics from $38.00 to $27.00 in a research report on Friday, September 8th.
Insider Transactions at Methode Electronics
In other news, CEO Donald W. Duda purchased 23,245 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was acquired at an average cost of $21.80 per share, with a total value of $506,741.00. Following the acquisition, the chief executive officer now owns 23,245 shares in the company, valued at $506,741. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.80% of the company’s stock.
Methode Electronics Price Performance
Methode Electronics stock opened at $22.71 on Monday. Methode Electronics, Inc. has a 52-week low of $21.38 and a 52-week high of $51.38. The firm has a fifty day moving average of $25.40 and a 200-day moving average of $33.33. The firm has a market capitalization of $817.79 million, a P/E ratio of 14.84 and a beta of 1.11. The company has a quick ratio of 2.31, a current ratio of 3.15 and a debt-to-equity ratio of 0.36.
Methode Electronics (NYSE:MEI – Get Free Report) last released its quarterly earnings data on Thursday, September 7th. The electronics maker reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.16). Methode Electronics had a return on equity of 6.16% and a net margin of 4.76%. The business had revenue of $289.70 million during the quarter, compared to analyst estimates of $268.28 million. As a group, analysts predict that Methode Electronics, Inc. will post 0.85 EPS for the current year.
Methode Electronics Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Friday, October 13th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Thursday, October 12th. Methode Electronics’s payout ratio is currently 36.60%.
About Methode Electronics
Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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