Methode Electronics Inc. Declares Quarterly Dividend of C$0.09 (MEI)
Methode Electronics Inc. (NYSE:MEI) announced a quarterly dividend on Tuesday, September 20th. Shareholders of record on Friday, October 14th will be given a dividend of 0.09 per share on Friday, October 28th. This represents a $0.36 annualized dividend and a yield of 1.05%. The ex-dividend date is Wednesday, October 12th.
In other Methode Electronics news, VP Kill Theodore sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, June 29th. The shares were sold at an average price of C$32.84, for a total transaction of C$262,720.00. Following the completion of the sale, the vice president now directly owns 263,830 shares in the company, valued at approximately C$8,664,177.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Douglas A. Koman sold 26,666 shares of the firm’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of C$34.37, for a total transaction of C$916,510.42. Following the sale, the chief financial officer now owns 268,782 shares of the company’s stock, valued at C$9,238,037.34. The disclosure for this sale can be found here. 5.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Penn Capital Management Co. Inc. raised its stake in Methode Electronics by 205.7% in the second quarter. Penn Capital Management Co. Inc. now owns 768,154 shares of the company’s stock worth $26,330,000 after buying an additional 516,876 shares in the last quarter. Loomis Sayles & Co. L P raised its stake in Methode Electronics by 15.7% in the second quarter. Loomis Sayles & Co. L P now owns 405,758 shares of the company’s stock worth $13,889,000 after buying an additional 55,093 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Methode Electronics by 33.0% in the second quarter. Thrivent Financial for Lutherans now owns 165,785 shares of the company’s stock worth $5,675,000 after buying an additional 41,170 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Methode Electronics by 2.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 941,040 shares of the company’s stock worth $32,212,000 after buying an additional 22,230 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of Methode Electronics by 571.6% in the second quarter. US Bancorp DE now owns 20,953 shares of the company’s stock worth $718,000 after buying an additional 17,833 shares during the last quarter. Institutional investors and hedge funds own 92.51% of the company’s stock.
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MEI has been the topic of several recent research reports. B. Riley restated a “buy” rating and issued a $44.50 price objective on shares of Methode Electronics in a research report on Wednesday, September 7th. Zacks Investment Research upgraded Methode Electronics from a “sell” rating to a “hold” rating in a research report on Friday, June 10th. Craig Hallum lowered Methode Electronics from a “buy” rating to a “hold” rating and set a $37.00 target price on the stock. in a research report on Friday, September 2nd. Robert W. Baird reiterated an “outperform” rating and set a $45.00 target price on shares of Methode Electronics in a research report on Wednesday, August 31st. Finally, FBR & Co reiterated an “outperform” rating and set a $42.00 target price on shares of Methode Electronics in a research report on Friday, June 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of C$22.48.
Methode Electronics (NYSE:MEI) traded down 0.46% during mid-day trading on Tuesday, hitting $34.29. 131,958 shares of the stock traded hands. The company’s 50 day moving average price is $35.66 and its 200-day moving average price is $31.51. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 15.82 and a beta of 1.34. Methode Electronics has a 1-year low of $23.83 and a 1-year high of $37.25.
Methode Electronics (NYSE:MEI) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.04. The company earned $191.90 million during the quarter, compared to analyst estimates of $203.06 million. Methode Electronics had a net margin of 10.31% and a return on equity of 17.70%. Methode Electronics’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. Analysts predict that Methode Electronics will post $2.30 earnings per share for the current year.
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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