Ironwood Investment Management LLC reduced its stake in Methode Electronics Inc. (NYSE:MEI) by 0.6% in the 1st quarter, Holdings Channel reports. The firm owned 78,409 shares of the electronics maker’s stock after selling 437 shares during the period. Methode Electronics comprises about 1.8% of Ironwood Investment Management LLC’s holdings, making the stock its 7th biggest position. Ironwood Investment Management LLC’s holdings in Methode Electronics were worth $2,257,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Private Capital Group LLC raised its position in Methode Electronics by 155.2% during the 1st quarter. Private Capital Group LLC now owns 906 shares of the electronics maker’s stock worth $26,000 after buying an additional 551 shares during the last quarter. Versant Capital Management Inc raised its position in Methode Electronics by 3,282.1% during the 1st quarter. Versant Capital Management Inc now owns 947 shares of the electronics maker’s stock worth $27,000 after buying an additional 919 shares during the last quarter. First Interstate Bank raised its position in Methode Electronics by 13.4% during the 4th quarter. First Interstate Bank now owns 4,311 shares of the electronics maker’s stock worth $100,000 after buying an additional 510 shares during the last quarter. US Bancorp DE raised its position in Methode Electronics by 8.3% during the 1st quarter. US Bancorp DE now owns 6,053 shares of the electronics maker’s stock worth $174,000 after buying an additional 462 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Methode Electronics by 328.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,306 shares of the electronics maker’s stock worth $239,000 after buying an additional 6,369 shares during the last quarter. 92.77% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the stock. Craig Hallum raised shares of Methode Electronics from a “hold” rating to a “buy” rating and raised their price target for the stock from $25.00 to $42.00 in a research report on Friday, March 8th. Zacks Investment Research lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Methode Electronics currently has a consensus rating of “Hold” and an average target price of $40.25.
Shares of NYSE MEI traded down $0.71 during midday trading on Thursday, reaching $25.90. 17 shares of the stock were exchanged, compared to its average volume of 171,756. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 8.87 and a beta of 1.43. Methode Electronics Inc. has a twelve month low of $20.99 and a twelve month high of $45.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.53 and a quick ratio of 1.83.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings data on Thursday, March 7th. The electronics maker reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.23. The business had revenue of $246.90 million for 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%. The business’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $0.65 EPS. Analysts anticipate that Methode Electronics Inc. will post 2.89 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, April 11th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.70%. Methode Electronics’s payout ratio is 14.67%.
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About Methode Electronics
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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