Systematic Financial Management LP lifted its holdings in Methode Electronics Inc. (NYSE:MEI) by 5.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 549,029 shares of the electronics maker’s stock after acquiring an additional 28,987 shares during the period. Systematic Financial Management LP’s holdings in Methode Electronics were worth $15,801,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of MEI. Norges Bank bought a new position in shares of Methode Electronics in the 4th quarter worth about $17,166,000. Investment Counselors of Maryland LLC raised its position in shares of Methode Electronics by 44.3% in the 4th quarter. Investment Counselors of Maryland LLC now owns 808,002 shares of the electronics maker’s stock worth $18,818,000 after acquiring an additional 247,907 shares in the last quarter. LSV Asset Management raised its position in shares of Methode Electronics by 12.6% in the 4th quarter. LSV Asset Management now owns 1,316,081 shares of the electronics maker’s stock worth $30,651,000 after acquiring an additional 146,756 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of Methode Electronics in the 4th quarter worth about $3,204,000. Finally, Roubaix Capital LLC bought a new position in shares of Methode Electronics in the 1st quarter worth about $3,853,000. 97.47% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on MEI. Zacks Investment Research raised Methode Electronics from a “sell” rating to a “hold” rating and set a $33.00 price objective for the company in a research report on Thursday, March 7th. Craig Hallum raised Methode Electronics from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $25.00 to $42.00 in a research report on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $40.25.
Methode Electronics (NYSE:MEI) last issued its earnings results on Thursday, March 7th. The electronics maker reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.23. The company had revenue of $246.90 million during the quarter, compared to the consensus estimate of $259.29 million. Methode Electronics had a return on equity of 18.64% and a net margin of 10.76%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the business posted $0.65 EPS. Analysts expect that Methode Electronics Inc. will post 2.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.44 dividend on an annualized basis and a yield of 1.58%. Methode Electronics’s dividend payout ratio (DPR) is currently 14.67%.
In related news, CAO Amit N. Patel purchased 1,021 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was acquired at an average price of $27.54 per share, for a total transaction of $28,118.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.40% of the stock is currently owned by insiders.
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Methode Electronics Company Profile
Methode Electronics, Inc designs, manufactures, and markets component and subsystem devices worldwide. The company operates through four segments: Automotive, Interface, Power Products, and Other. The Automotive segment offers electronic and electro-mechanical devices, and related products to automobile original equipment manufacturers directly or through their tiered suppliers.
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