Mason Street Advisors LLC Takes Position in Methode Electronics Inc. (MEI)
Mason Street Advisors LLC purchased a new stake in shares of Methode Electronics Inc. (NYSE:MEI) during the second quarter, Holdings Channel reports. The firm purchased 7,216 shares of the company’s stock, valued at approximately $247,000.
Several other hedge funds have also recently added to or reduced their stakes in MEI. Acrospire Investment Management LLC raised 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 worth $118,000 after buying an additional 1,600 shares during the last quarter. Quantbot Technologies LP raised 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 last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Methode Electronics during the second quarter worth about $138,000. BlackRock Inc. raised 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 last quarter. Finally, PineBridge Investments L.P. raised its stake in shares of 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. 92.08% of the stock is currently owned by hedge funds and other institutional investors.
Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, September 1st. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates 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 earned $191.90 million during the quarter, compared to analysts’ expectations of $203.06 million. During the same period in the prior year, the company earned $0.60 earnings per share. The business’s revenue was down 5.6% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a $0.09 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.01%. Methode Electronics’s payout ratio is 16.67%.
A number of analysts have issued reports on the company. Zacks Investment Research lowered Methode Electronics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 22nd. Robert W. Baird raised Methode Electronics from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $35.00 to $45.00 in a research report on Friday, June 24th. B. Riley reissued a “buy” rating and issued a $44.50 target price on shares of Methode Electronics in a research report on Tuesday, June 21st. FBR & Co reissued an “outperform” rating and issued a $42.00 target price on shares of Methode Electronics in a research report on Friday, June 24th. Finally, Craig Hallum lowered Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 target price on the stock. in a research 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 stock. The company presently has an average rating of “Hold” and a consensus target price of C$22.48.
In other news, Director Paul G. Shelton sold 2,000 shares of the stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of C$34.99, for a total value of C$69,980.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Timothy Glandon sold 39,183 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now 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 currently owned by insiders.
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.
Want to see what other hedge funds are holding MEI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methode Electronics Inc. (NYSE:MEI).
Receive News & Ratings for Methode Electronics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methode Electronics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.