Smith Asset Management Group LP bought a new position in shares of Methode Electronics, Inc. (NYSE:MEI) during the second quarter, Holdings Channel reports. The firm bought 81,570 shares of the electronics maker’s stock, valued at approximately $3,361,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Methode Electronics by 117,664.2% in the first quarter. BlackRock Inc. now owns 4,412,625 shares of the electronics maker’s stock worth $201,216,000 after buying an additional 4,408,878 shares during the period. Opus Capital Group LLC purchased a new position in Methode Electronics during the first quarter worth about $7,306,000. Clark Capital Management Group Inc. purchased a new position in Methode Electronics during the first quarter worth about $6,901,000. Vanguard Group Inc. raised its position in Methode Electronics by 4.3% in the first quarter. Vanguard Group Inc. now owns 3,171,602 shares of the electronics maker’s stock worth $144,624,000 after buying an additional 131,039 shares during the period. Finally, Systematic Financial Management LP raised its position in Methode Electronics by 71.2% in the first quarter. Systematic Financial Management LP now owns 241,715 shares of the electronics maker’s stock worth $11,022,000 after buying an additional 100,500 shares during the period. Institutional investors own 89.42% of the company’s stock.

Methode Electronics, Inc. (NYSE:MEI) opened at 37.65 on Friday. The stock’s 50 day moving average is $40.11 and its 200-day moving average is $41.84. The firm has a market cap of $1.39 billion, a P/E ratio of 15.18 and a beta of 0.76. Methode Electronics, Inc. has a 1-year low of $29.85 and a 1-year high of $46.40.

Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Thursday, June 22nd. The electronics maker reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.05. Methode Electronics had a return on equity of 18.81% and a net margin of 11.38%. The firm had revenue of $219.70 million during the quarter, compared to analyst estimates of $214.39 million. During the same period last year, the company posted $0.60 EPS. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Analysts forecast that Methode Electronics, Inc. will post $2.46 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $0.36 dividend on an annualized basis and a yield of 0.96%. Methode Electronics’s payout ratio is presently 14.52%.

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A number of research analysts have issued reports on MEI shares. Zacks Investment Research lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Tuesday, May 9th. BidaskClub lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Robert W. Baird restated an “outperform” rating and issued a $47.00 target price (down from $51.00) on shares of Methode Electronics in a report on Monday, June 19th. FBR & Co restated an “outperform” rating and issued a $49.00 target price on shares of Methode Electronics in a report on Tuesday, July 18th. Finally, B. Riley restated a “buy” rating and issued a $49.00 target price on shares of Methode Electronics in a report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $46.00.

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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Institutional Ownership by Quarter for Methode Electronics (NYSE:MEI)

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