Ladenburg Thalmann Financial Services Inc. increased its stake in Methode Electronics Inc. (NYSE:MEI) by 111.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,077 shares of the electronics maker’s stock after acquiring an additional 1,620 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Methode Electronics were worth $88,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. United Services Automobile Association grew its position in Methode Electronics by 71.7% in the second quarter. United Services Automobile Association now owns 107,024 shares of the electronics maker’s stock worth $3,058,000 after acquiring an additional 44,700 shares in the last quarter. ClariVest Asset Management LLC boosted its position in shares of Methode Electronics by 67.7% during the second quarter. ClariVest Asset Management LLC now owns 129,132 shares of the electronics maker’s stock valued at $3,690,000 after buying an additional 52,132 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Methode Electronics by 1,664.6% during the second quarter. Nuveen Asset Management LLC now owns 300,153 shares of the electronics maker’s stock valued at $8,575,000 after buying an additional 283,143 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Methode Electronics by 61.6% during the second quarter. UBS Asset Management Americas Inc. now owns 42,169 shares of the electronics maker’s stock valued at $1,205,000 after buying an additional 16,078 shares during the period. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Methode Electronics during the second quarter valued at approximately $865,000. Institutional investors own 93.16% of the company’s stock.
Shares of NYSE:MEI opened at $33.26 on Friday. Methode Electronics Inc. has a 1 year low of $20.99 and a 1 year high of $37.42. The business has a 50 day simple moving average of $33.89 and a two-hundred day simple moving average of $29.57. The firm has a market capitalization of $1.24 billion, a PE ratio of 11.24 and a beta of 1.48. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.55 and a quick ratio of 1.88.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.32%. Methode Electronics’s payout ratio is 14.86%.
Several brokerages have issued reports on MEI. ValuEngine lowered Methode Electronics from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 10th. B. Riley set a $42.00 target price on Methode Electronics and gave the company a “buy” rating in a research report on Friday, August 30th. Zacks Investment Research upgraded Methode Electronics from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. Finally, TheStreet upgraded Methode Electronics from a “c+” rating to a “b” rating in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Methode Electronics presently has a consensus rating of “Hold” and an average price target of $40.25.
In other news, Director Bruce K. Crowther purchased 900 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average price of $31.58 per share, for a total transaction of $28,422.00. Following the completion of the acquisition, the director now owns 3,900 shares of the company’s stock, valued at $123,162. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is currently owned by insiders.
Methode Electronics Company 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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