Wedge Capital Management L L P NC decreased its holdings in shares of Methode Electronics, Inc. (NYSE:MEI – Get Rating) by 41.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,086 shares of the electronics maker's stock after selling 122,306 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.44% of Methode Electronics worth $6,300,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Captrust Financial Advisors grew its holdings in shares of Methode Electronics by 29.5% in the 1st quarter. Captrust Financial Advisors now owns 3,824 shares of the electronics maker's stock valued at $165,000 after acquiring an additional 870 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new position in shares of Methode Electronics during the 4th quarter worth approximately $202,000. Aaron Wealth Advisors LLC bought a new stake in shares of Methode Electronics during the 1st quarter worth approximately $204,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Methode Electronics by 6.2% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 5,743 shares of the electronics maker's stock valued at $248,000 after buying an additional 335 shares during the last quarter. Finally, MQS Management LLC bought a new position in shares of Methode Electronics in the first quarter valued at $277,000. Institutional investors own 94.03% of the company's stock.
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Insider Activity
In related news, COO Joseph Elias Khoury sold 8,000 shares of Methode Electronics stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $38.55, for a total transaction of $308,400.00. Following the completion of the sale, the chief operating officer now directly owns 396,420 shares of the company's stock, valued at approximately $15,281,991. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.50% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of brokerages have commented on MEI. Robert W. Baird cut their price target on shares of Methode Electronics from $46.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, June 15th. StockNews.com downgraded shares of Methode Electronics from a "buy" rating to a "hold" rating in a research note on Thursday, September 15th.
Methode Electronics Stock Down 1.1 %
MEI opened at $38.41 on Wednesday. The stock's fifty day simple moving average is $39.89 and its 200 day simple moving average is $41.51. Methode Electronics, Inc. has a 1-year low of $33.91 and a 1-year high of $49.94. The stock has a market cap of $1.40 billion, a PE ratio of 15.30 and a beta of 1.14. The company has a current ratio of 3.26, a quick ratio of 2.38 and a debt-to-equity ratio of 0.21.
Methode Electronics (NYSE:MEI – Get Rating) last issued its quarterly earnings data on Thursday, June 23rd. The electronics maker reported $0.43 earnings per share for the quarter, meeting the consensus estimate of $0.43. The company had revenue of $288.70 million for the quarter, compared to analyst estimates of $289.10 million. Methode Electronics had a net margin of 8.17% and a return on equity of 10.39%. As a group, research analysts expect that Methode Electronics, Inc. will post 2.9 earnings per share for the current year.
Methode Electronics Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Thursday, October 13th. Methode Electronics's dividend payout ratio is presently 22.31%.
About Methode Electronics
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Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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