Comerica Bank grew its stake in Methode Electronics Inc. (NYSE:MEI) by 1.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 161,280 shares of the electronics maker’s stock after purchasing an additional 2,869 shares during the period. Comerica Bank’s holdings in Methode Electronics were worth $4,868,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. First Interstate Bank boosted its holdings in shares of Methode Electronics by 13.4% in the 4th quarter. First Interstate Bank now owns 4,311 shares of the electronics maker’s stock valued at $100,000 after buying an additional 510 shares in the last quarter. Private Capital Group LLC boosted its holdings in shares of Methode Electronics by 155.2% in the 1st quarter. Private Capital Group LLC now owns 906 shares of the electronics maker’s stock valued at $26,000 after buying an additional 551 shares in the last quarter. Chartwell Investment Partners LLC boosted its holdings in shares of Methode Electronics by 0.8% in the 1st quarter. Chartwell Investment Partners LLC now owns 75,078 shares of the electronics maker’s stock valued at $2,161,000 after buying an additional 615 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Methode Electronics by 1.5% in the 4th quarter. First Trust Advisors LP now owns 41,999 shares of the electronics maker’s stock valued at $978,000 after buying an additional 623 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Methode Electronics by 6.6% in the 1st quarter. Janus Henderson Group PLC now owns 13,099 shares of the electronics maker’s stock valued at $377,000 after buying an additional 814 shares in the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.
A number of brokerages recently weighed in on MEI. Zacks Investment Research upgraded shares of Methode Electronics from a “sell” rating to a “hold” rating in a research note on Wednesday. Craig Hallum upgraded shares of Methode Electronics from a “hold” rating to a “buy” rating and increased their price target for the stock from $25.00 to $42.00 in a research note on Friday, March 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Methode Electronics currently has an average rating of “Hold” and a consensus target price of $40.25.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, March 7th. The electronics maker reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.23. The firm had revenue of $246.90 million during the quarter, compared to analysts’ expectations of $259.29 million. Methode Electronics had a net margin of 10.76% and a return on equity of 18.64%. Methode Electronics’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.65 EPS. As a group, research analysts expect that Methode Electronics Inc. will post 2.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, April 11th. Methode Electronics’s dividend payout ratio is currently 14.67%.
In other Methode Electronics news, CAO Amit N. Patel purchased 1,021 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average price of $27.54 per share, for a total transaction of $28,118.34. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 3.40% of the stock is owned by corporate insiders.
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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