Profund Advisors LLC Reduces Position in Methode Electronics, Inc. (MEI)
Profund Advisors LLC reduced its position in shares of Methode Electronics, Inc. (NYSE:MEI) by 11.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,178 shares of the electronics maker’s stock after selling 814 shares during the quarter. Profund Advisors LLC’s holdings in Methode Electronics were worth $255,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its stake in Methode Electronics by 8.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 10,520 shares of the electronics maker’s stock worth $478,000 after buying an additional 803 shares during the period. Chicago Equity Partners LLC increased its holdings in Methode Electronics by 160.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 19,260 shares of the electronics maker’s stock worth $794,000 after purchasing an additional 11,860 shares in the last quarter. Vanguard Group Inc. increased its holdings in Methode Electronics by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 3,171,602 shares of the electronics maker’s stock worth $144,624,000 after purchasing an additional 131,039 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Methode Electronics during the 2nd quarter worth approximately $1,871,000. Finally, Geode Capital Management LLC increased its holdings in Methode Electronics by 3.5% during the 1st quarter. Geode Capital Management LLC now owns 457,354 shares of the electronics maker’s stock worth $20,855,000 after purchasing an additional 15,513 shares in the last quarter. 89.82% of the stock is currently owned by institutional investors and hedge funds.
MEI has been the subject of a number of recent research reports. Robert W. Baird reissued an “outperform” rating and set a $47.00 price objective (down from $51.00) on shares of Methode Electronics in a report on Monday, June 19th. BidaskClub lowered Methode Electronics from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. B. Riley reissued a “buy” rating and set a $49.00 price objective on shares of Methode Electronics in a report on Friday, June 23rd. FBR & Co reissued an “outperform” rating and set a $49.00 price objective on shares of Methode Electronics in a report on Tuesday, July 18th. Finally, Zacks Investment Research lowered Methode Electronics from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $48.33.
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Shares of Methode Electronics, Inc. (NYSE:MEI) opened at 44.55 on Thursday. The firm’s 50-day moving average price is $40.71 and its 200-day moving average price is $41.06. Methode Electronics, Inc. has a one year low of $29.85 and a one year high of $46.40. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 18.11 and a beta of 0.76.
Methode Electronics (NYSE:MEI) last announced its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.12. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The company had revenue of $201.20 million during the quarter, compared to analyst estimates of $189.40 million. During the same period in the previous year, the business earned $0.57 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. Analysts anticipate that Methode Electronics, Inc. will post $2.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be issued a $0.09 dividend. The ex-dividend date is Thursday, October 12th. This represents a $0.36 dividend on an annualized basis and a yield of 0.81%. Methode Electronics’s payout ratio is currently 14.63%.
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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