Clark Capital Management Group Inc. purchased a new position in Methode Electronics Inc. (NYSE:MEI) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 22,280 shares of the electronics maker’s stock, valued at approximately $641,000.
A number of other institutional investors have also modified their holdings of the business. Mason Street Advisors LLC raised its position in Methode Electronics by 3.4% in the first quarter. Mason Street Advisors LLC now owns 11,879 shares of the electronics maker’s stock worth $342,000 after acquiring an additional 393 shares in the last quarter. First Interstate Bank raised its position in Methode Electronics by 13.4% in the fourth quarter. First Interstate Bank now owns 4,311 shares of the electronics maker’s stock worth $100,000 after acquiring an additional 510 shares in the last quarter. Private Capital Group LLC raised its position in Methode Electronics by 155.2% in the first quarter. Private Capital Group LLC now owns 906 shares of the electronics maker’s stock worth $26,000 after acquiring an additional 551 shares in the last quarter. Chartwell Investment Partners LLC raised its position in Methode Electronics by 0.8% in the first quarter. Chartwell Investment Partners LLC now owns 75,078 shares of the electronics maker’s stock worth $2,161,000 after acquiring an additional 615 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Methode Electronics by 1.5% in the fourth quarter. First Trust Advisors LP now owns 41,999 shares of the electronics maker’s stock worth $978,000 after acquiring an additional 623 shares in the last quarter. Hedge funds and other institutional investors own 92.77% of the company’s stock.
MEI stock opened at $26.61 on Thursday. The company has a quick ratio of 1.83, a current ratio of 2.53 and a debt-to-equity ratio of 0.43. Methode Electronics Inc. has a one year low of $20.99 and a one year high of $45.45. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 8.56 and a beta of 1.43.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, March 7th. The electronics maker reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.23. Methode Electronics had a net margin of 10.76% and a return on equity of 18.64%. The company had revenue of $246.90 million during the quarter, compared to analyst estimates of $259.29 million. During the same period in the prior year, the firm earned $0.65 earnings per share. The business’s quarterly revenue was up 8.3% on a year-over-year basis. Sell-side analysts predict that Methode Electronics Inc. will post 2.89 EPS for the current year.
The company also recently disclosed 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. This represents a $0.44 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Thursday, April 11th. Methode Electronics’s dividend payout ratio is presently 14.67%.
In other news, CAO Amit N. Patel acquired 1,021 shares of Methode Electronics stock in a transaction on Tuesday, March 26th. The stock was bought at an average cost of $27.54 per share, with a total value of $28,118.34. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.40% of the stock is currently owned by corporate insiders.
A number of equities analysts recently weighed in on the company. Zacks Investment Research raised Methode Electronics from a “sell” rating to a “hold” rating in a research note on Thursday. Craig Hallum raised shares of Methode Electronics from a “hold” rating to a “buy” rating and upped their price objective for the company from $25.00 to $42.00 in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has issued 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 price target of $40.25.
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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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