Wedge Capital Management L L P NC cut its stake in Methode Electronics Inc. (NYSE:MEI) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 488,854 shares of the electronics maker’s stock after selling 11,915 shares during the quarter. Wedge Capital Management L L P NC owned 1.32% of Methode Electronics worth $13,967,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in MEI. Legal & General Group Plc grew its holdings in shares of Methode Electronics by 4.9% in the fourth quarter. Legal & General Group Plc now owns 88,455 shares of the electronics maker’s stock worth $2,061,000 after purchasing an additional 4,122 shares during the last quarter. Norges Bank bought a new position in shares of Methode Electronics in the fourth quarter worth about $17,166,000. Tributary Capital Management LLC grew its holdings in Methode Electronics by 25.6% during the 1st quarter. Tributary Capital Management LLC now owns 510,498 shares of the electronics maker’s stock worth $14,692,000 after acquiring an additional 104,067 shares in the last quarter. Brinker Capital Inc. bought a new position in Methode Electronics during the 1st quarter worth about $265,000. Finally, Versant Capital Management Inc grew its holdings 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 acquiring an additional 919 shares in the last quarter. Hedge funds and other institutional investors own 91.80% of the company’s stock.
Separately, Zacks Investment Research cut shares of Methode Electronics from a “hold” rating to a “strong sell” rating in a report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $40.25.
Methode Electronics (NYSE:MEI) last released its quarterly earnings results on Thursday, June 20th. The electronics maker reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.08). Methode Electronics had a net margin of 9.16% and a return on equity of 16.20%. The firm had revenue of $266.00 million during the quarter, compared to the consensus estimate of $274.36 million. During the same quarter in the prior year, the business posted $0.98 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, analysts forecast that Methode Electronics Inc. will post 3.32 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Thursday, July 11th. Methode Electronics’s dividend payout ratio is currently 14.86%.
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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