BNP Paribas Arbitrage SA Sells 5,913 Shares of Methode Electronics Inc. (MEI)
BNP Paribas Arbitrage SA lowered its stake in Methode Electronics Inc. (NYSE:MEI) by 49.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,990 shares of the company’s stock after selling 5,913 shares during the period. BNP Paribas Arbitrage SA’s holdings in Methode Electronics were worth $209,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Acrospire Investment Management LLC increased its stake in shares of Methode Electronics by 87.2% in the second quarter. Acrospire Investment Management LLC now owns 3,435 shares of the company’s stock valued at $118,000 after buying an additional 1,600 shares during the period. Quantbot Technologies LP boosted its stake in shares of Methode Electronics by 140.4% in the second quarter. Quantbot Technologies LP now owns 3,895 shares of the company’s stock worth $133,000 after buying an additional 2,275 shares during the period. Tower Research Capital LLC TRC purchased a new stake in shares of Methode Electronics during the second quarter worth about $138,000. BlackRock Inc. boosted its stake in shares of Methode Electronics by 76.9% in the second quarter. BlackRock Inc. now owns 4,419 shares of the company’s stock worth $152,000 after buying an additional 1,921 shares during the period. Finally, PineBridge Investments L.P. boosted its stake in Methode Electronics by 3.5% in the second quarter. PineBridge Investments L.P. now owns 4,681 shares of the company’s stock worth $160,000 after buying an additional 159 shares during the last quarter. Institutional investors own 92.09% of the company’s stock.
Methode Electronics Inc. (NYSE:MEI) traded up 0.99% on Wednesday, reaching $35.68. The company’s stock had a trading volume of 16,172 shares. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 16.46 and a beta of 1.13. The stock has a 50 day moving average price of $35.48 and a 200-day moving average price of $32.07. Methode Electronics Inc. has a 1-year low of $23.83 and a 1-year high of $37.25.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, September 1st. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.53 by $0.04. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. The business had revenue of $191.90 million for the quarter, compared to analysts’ expectations of $203.06 million. During the same period in the previous year, the company posted $0.60 EPS. Methode Electronics’s revenue was down 5.6% on a year-over-year basis. Equities analysts predict that Methode Electronics Inc. will post $2.30 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend is Wednesday, October 12th. Methode Electronics’s dividend payout ratio is currently 16.67%.
MEI has been the topic of several analyst reports. Zacks Investment Research cut Methode Electronics from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Robert W. Baird upgraded Methode Electronics from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $35.00 to $45.00 in a report on Friday, June 24th. B. Riley reiterated a “buy” rating and issued a $44.50 target price on shares of Methode Electronics in a report on Tuesday, June 21st. FBR & Co reiterated an “outperform” rating and issued a $42.00 target price on shares of Methode Electronics in a report on Friday, June 24th. Finally, Craig Hallum cut Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 target price on the stock. in a report on Friday, September 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of C$22.48.
In related news, VP Timothy Glandon sold 39,183 shares of the company’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of C$35.02, for a total value of C$1,372,188.66. Following the completion of the sale, the vice president now directly owns 40,205 shares in the company, valued at C$1,407,979.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul G. Shelton sold 2,000 shares of the company’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of C$34.99, for a total transaction of C$69,980.00. The disclosure for this sale can be found here. Insiders own 5.80% of the company’s stock.
About Methode Electronics
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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