Methode Electronics Inc. (MEI) Position Lowered by Bank of New York Mellon Corp
Bank of New York Mellon Corp cut its holdings in shares of Methode Electronics Inc. (NYSE:MEI) by 4.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,219,972 shares of the electronics maker’s stock after selling 111,177 shares during the quarter. Bank of New York Mellon Corp owned about 0.06% of Methode Electronics worth $89,022,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in the stock. Royce & Associates LP boosted its position in shares of Methode Electronics by 1.4% during the third quarter. Royce & Associates LP now owns 1,230,099 shares of the electronics maker’s stock valued at $52,095,000 after buying an additional 17,443 shares during the last quarter. State Street Corp boosted its position in shares of Methode Electronics by 1.1% during the second quarter. State Street Corp now owns 916,563 shares of the electronics maker’s stock valued at $37,763,000 after buying an additional 9,803 shares during the last quarter. Wedge Capital Management L L P NC boosted its position in shares of Methode Electronics by 3.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 450,174 shares of the electronics maker’s stock valued at $18,052,000 after buying an additional 14,925 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Methode Electronics by 0.6% during the third quarter. Ameriprise Financial Inc. now owns 445,907 shares of the electronics maker’s stock valued at $18,884,000 after buying an additional 2,514 shares during the last quarter. Finally, Heartland Advisors Inc. boosted its position in shares of Methode Electronics by 205.2% during the fourth quarter. Heartland Advisors Inc. now owns 352,735 shares of the electronics maker’s stock valued at $14,145,000 after buying an additional 237,170 shares during the last quarter. 86.68% of the stock is currently owned by institutional investors.
In other Methode Electronics news, VP Joseph Elias Khoury sold 21,400 shares of the stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $40.30, for a total value of $862,420.00. Following the transaction, the vice president now owns 267,200 shares of the company’s stock, valued at $10,768,160. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Isabelle C. Goossen sold 2,500 shares of the stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $40.50, for a total value of $101,250.00. Following the completion of the transaction, the director now directly owns 40,950 shares in the company, valued at approximately $1,658,475. The disclosure for this sale can be found here. 4.40% of the stock is currently owned by corporate insiders.
Methode Electronics (NYSE:MEI) last posted its earnings results on Thursday, March 1st. The electronics maker reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.21. Methode Electronics had a return on equity of 17.07% and a net margin of 10.81%. The company had revenue of $228.00 million for the quarter, compared to the consensus estimate of $219.90 million. During the same quarter in the prior year, the company earned $0.63 earnings per share. Methode Electronics’s revenue was up 16.6% on a year-over-year basis. equities research analysts forecast that Methode Electronics Inc. will post 2.58 EPS for the current year.
Several equities research analysts recently commented on MEI shares. B. Riley reaffirmed a “buy” rating and set a $49.00 price objective on shares of Methode Electronics in a research report on Tuesday, December 5th. Zacks Investment Research raised Methode Electronics from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Friday, February 23rd. Robert W. Baird increased their price objective on Methode Electronics from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday. Finally, ValuEngine downgraded Methode Electronics from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Methode Electronics presently has an average rating of “Buy” and an average price target of $48.25.
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Methode Electronics 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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