Renaissance Technologies LLC Sells 61,100 Shares of Methode Electronics Inc. (MEI)
Renaissance Technologies LLC trimmed its holdings in shares of Methode Electronics Inc. (NYSE:MEI) by 7.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 816,400 shares of the electronics maker’s stock after selling 61,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Methode Electronics were worth $32,901,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in MEI. BlackRock Inc. boosted its position in shares of Methode Electronics by 9.1% in the second quarter. BlackRock Inc. now owns 5,068,797 shares of the electronics maker’s stock worth $204,273,000 after purchasing an additional 423,578 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Methode Electronics by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,055,779 shares of the electronics maker’s stock worth $80,381,000 after purchasing an additional 16,560 shares during the period. Westwood Holdings Group Inc. boosted its position in shares of Methode Electronics by 5.3% in the first quarter. Westwood Holdings Group Inc. now owns 1,436,624 shares of the electronics maker’s stock worth $56,172,000 after purchasing an additional 72,349 shares during the period. Royce & Associates LP boosted its position in shares of Methode Electronics by 6.6% in the second quarter. Royce & Associates LP now owns 1,270,249 shares of the electronics maker’s stock worth $51,191,000 after purchasing an additional 79,010 shares during the period. Finally, Silvercrest Asset Management Group LLC boosted its position in shares of Methode Electronics by 0.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,237,302 shares of the electronics maker’s stock worth $48,378,000 after purchasing an additional 4,506 shares during the period. Institutional investors own 94.65% of the company’s stock.
In other news, Director Isabelle C. Goossen sold 2,500 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $39.32, for a total value of $98,300.00. Following the transaction, the director now owns 40,450 shares of the company’s stock, valued at $1,590,494. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.40% of the company’s stock.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings results on Thursday, August 30th. The electronics maker reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.03. The business had revenue of $223.40 million during the quarter, compared to analyst estimates of $230.69 million. Methode Electronics had a net margin of 6.49% and a return on equity of 18.93%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.55 earnings per share. equities research analysts anticipate that Methode Electronics Inc. will post 2.9 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 26th. Shareholders of record on Friday, October 12th will be given a $0.11 dividend. The ex-dividend date is Thursday, October 11th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.16%. Methode Electronics’s payout ratio is currently 14.67%.
A number of equities analysts have weighed in on MEI shares. Zacks Investment Research lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a research report on Saturday, September 1st. ValuEngine lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $48.00.
Methode Electronics 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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