The Bowling Portfolio Management LLC Raises Stake in Methode Electronics, Inc. (MEI)

The Bowling Portfolio Management LLC Raises Stake in Methode Electronics, Inc. (MEI)

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MEI. Legato Capital Management LLC increased its position in Methode Electronics by 4,460.0% in the first quarter. Legato Capital Management LLC now owns 67,944 shares of the electronics maker’s stock valued at $1,490,000 after buying an additional 66,454 shares during the last quarter. Strs Ohio increased its position in Methode Electronics by 83.3% in the first quarter. Strs Ohio now owns 23,100 shares of the electronics maker’s stock valued at $1,053,000 after buying an additional 10,500 shares during the last quarter. Dubuque Bank & Trust Co. acquired a new position in Methode Electronics during the first quarter valued at $202,000. Envestnet Asset Management Inc. increased its position in Methode Electronics by 8.3% in the first quarter. Envestnet Asset Management Inc. now owns 10,520 shares of the electronics maker’s stock valued at $478,000 after buying an additional 803 shares during the last quarter. Finally, Sawgrass Asset Management LLC acquired a new position in Methode Electronics during the first quarter valued at $346,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

Bowling Portfolio Management LLC raised its stake in Methode Electronics, Inc. (NYSE:MEI) by 70.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,058 shares of the electronics maker’s stock after buying an additional 13,716 shares during the period. Bowling Portfolio Management LLC owned approximately 0.09% of Methode Electronics worth $1,362,000 at the end of the most recent reporting period.

Shares of Methode Electronics, Inc. (MEI) opened at 39.40 on Wednesday. The stock has a market cap of $1.45 billion, a P/E ratio of 15.89 and a beta of 0.77. Methode Electronics, Inc. has a one year low of $29.85 and a one year high of $46.40. The stock has a 50 day moving average of $40.53 and a 200 day moving average of $41.98.

Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, June 22nd. The electronics maker reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.05. Methode Electronics had a net margin of 11.38% and a return on equity of 18.81%. The firm had revenue of $219.70 million for the quarter, compared to analysts’ expectations of $214.39 million. During the same quarter in the previous year, the business posted $0.60 EPS. The company’s quarterly revenue was up 3.2% on a year-over-year basis. On average, analysts forecast that Methode Electronics, Inc. will post $2.53 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Wednesday, July 12th. Methode Electronics’s dividend payout ratio (DPR) is presently 14.52%.

Several research analysts have weighed in on MEI shares. Zacks Investment Research downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Tuesday, May 9th. BidaskClub downgraded shares of Methode Electronics from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Robert W. Baird restated an “outperform” rating and set a $47.00 price objective (down previously from $51.00) on shares of Methode Electronics in a report on Monday, June 19th. FBR & Co restated an “outperform” rating and set a $49.00 price objective on shares of Methode Electronics in a report on Tuesday, July 18th. Finally, B. Riley restated a “buy” rating and set a $49.00 price objective on shares of Methode Electronics in a report on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $46.00.

About Methode Electronics

Methode Electronics, Inc (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other.

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