Heartland Advisors Inc. Invests $4.89 Million in Methode Electronics, Inc. (MEI) Stock
Heartland Advisors Inc. purchased a new position in Methode Electronics, Inc. (NYSE:MEI) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 115,565 shares of the electronics maker’s stock, valued at approximately $4,894,000. Heartland Advisors Inc. owned approximately 0.31% of Methode Electronics at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MEI. Victory Capital Management Inc. grew its position in Methode Electronics by 9.4% in the first quarter. Victory Capital Management Inc. now owns 3,029 shares of the electronics maker’s stock worth $138,000 after acquiring an additional 260 shares in the last quarter. OppenheimerFunds Inc. grew its position in Methode Electronics by 17.8% in the first quarter. OppenheimerFunds Inc. now owns 13,823 shares of the electronics maker’s stock worth $631,000 after acquiring an additional 2,084 shares in the last quarter. Wellington Management Group LLP purchased a new position in Methode Electronics in the first quarter worth about $336,000. Teachers Advisors LLC grew its position in Methode Electronics by 3.1% in the first quarter. Teachers Advisors LLC now owns 69,172 shares of the electronics maker’s stock worth $3,154,000 after acquiring an additional 2,052 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Methode Electronics by 4.3% in the first quarter. Vanguard Group Inc. now owns 3,171,602 shares of the electronics maker’s stock worth $144,624,000 after acquiring an additional 131,039 shares in the last quarter. Institutional investors own 89.61% of the company’s stock.
Shares of Methode Electronics, Inc. (MEI) opened at 46.90 on Wednesday. Methode Electronics, Inc. has a 1-year low of $31.00 and a 1-year high of $47.20. The company has a market cap of $1.73 billion, a P/E ratio of 19.07 and a beta of 0.76. The stock’s 50 day moving average is $43.38 and its 200 day moving average is $41.24.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.12. The firm had revenue of $201.20 million during the quarter, compared to analysts’ expectations of $189.40 million. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. On average, analysts predict that Methode Electronics, Inc. will post $2.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, October 13th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Thursday, October 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.77%. Methode Electronics’s payout ratio is currently 14.63%.
Several research firms recently commented on MEI. Zacks Investment Research lowered Methode Electronics from a “buy” rating to a “hold” rating in a research report on Wednesday. Robert W. Baird restated a “buy” rating and set a $46.00 target price on shares of Methode Electronics in a research report on Tuesday, October 17th. ValuEngine upgraded Methode Electronics from a “hold” rating to a “buy” rating in a research report on Saturday, September 30th. FBR & Co restated a “buy” rating on shares of Methode Electronics in a research report on Thursday, August 31st. Finally, BidaskClub upgraded Methode Electronics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Methode Electronics has a consensus rating of “Buy” and a consensus price target of $48.50.
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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