Bowling Portfolio Management LLC Purchases New Stake in Methode Electronics Inc. (MEI)
Bowling Portfolio Management LLC purchased a new position in shares of Methode Electronics Inc. (NYSE:MEI) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,946 shares of the electronics maker’s stock, valued at approximately $359,000.
A number of other large investors also recently modified their holdings of MEI. Wedge Capital Management L L P NC acquired a new stake in Methode Electronics during the third quarter worth approximately $18,433,000. Formula Growth Ltd. grew its position in Methode Electronics by 87.1% during the third quarter. Formula Growth Ltd. now owns 280,700 shares of the electronics maker’s stock worth $11,888,000 after buying an additional 130,700 shares in the last quarter. Heartland Advisors Inc. acquired a new stake in Methode Electronics during the third quarter worth approximately $4,894,000. Ameriprise Financial Inc. grew its position in Methode Electronics by 33.5% during the second quarter. Ameriprise Financial Inc. now owns 443,393 shares of the electronics maker’s stock worth $18,268,000 after buying an additional 111,170 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in Methode Electronics by 91.4% during the third quarter. Prudential Financial Inc. now owns 210,706 shares of the electronics maker’s stock worth $8,924,000 after buying an additional 100,640 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of Methode Electronics Inc. (MEI) opened at $41.85 on Friday. The firm has a market capitalization of $1,600.00, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 1.09 and a beta of 0.78. Methode Electronics Inc. has a twelve month low of $36.05 and a twelve month high of $48.44. The company has a quick ratio of 3.22, a current ratio of 3.74 and a debt-to-equity ratio of 0.17.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 26th. Shareholders of record on Friday, January 12th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Thursday, January 11th. This is an increase from Methode Electronics’s previous quarterly dividend of $0.09. Methode Electronics’s dividend payout ratio (DPR) is currently 18.03%.
In other Methode Electronics news, Director Isabelle C. Goossen sold 2,500 shares of the firm’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $40.50, for a total value of $101,250.00. Following the sale, the director now owns 40,950 shares of the company’s stock, valued at approximately $1,658,475. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Joseph Elias Khoury sold 21,400 shares of the firm’s stock in a transaction on Friday, December 21st. The shares were sold at an average price of $40.30, for a total value of $862,420.00. Following the sale, the vice president now directly owns 267,200 shares in the company, valued at approximately $10,768,160. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.
A number of brokerages recently issued reports on MEI. Zacks Investment Research raised Methode Electronics from a “hold” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a research report on Tuesday, November 7th. Robert W. Baird reaffirmed a “buy” rating and issued a $46.00 target price on shares of Methode Electronics in a report on Tuesday, October 17th. ValuEngine downgraded Methode Electronics from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. Finally, B. Riley reaffirmed a “buy” rating on shares of Methode Electronics in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $49.50.
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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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