Rhumbline Advisers Acquires 7,647 Shares of Methode Electronics Inc. (NYSE:MEI)

Rhumbline Advisers grew its holdings in shares of Methode Electronics Inc. (NYSE:MEI) by 6.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 128,036 shares of the electronics maker’s stock after purchasing an additional 7,647 shares during the period. Rhumbline Advisers’ holdings in Methode Electronics were worth $4,307,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new position in shares of Methode Electronics during the second quarter valued at $38,000. Quantamental Technologies LLC bought a new position in shares of Methode Electronics during the second quarter valued at $42,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Methode Electronics by 111.2% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,077 shares of the electronics maker’s stock valued at $88,000 after acquiring an additional 1,620 shares during the last quarter. Flinton Capital Management LLC raised its stake in shares of Methode Electronics by 13.9% during the second quarter. Flinton Capital Management LLC now owns 3,680 shares of the electronics maker’s stock valued at $105,000 after acquiring an additional 448 shares during the last quarter. Finally, Meadow Creek Investment Management LLC raised its stake in shares of Methode Electronics by 13.9% during the second quarter. Meadow Creek Investment Management LLC now owns 5,060 shares of the electronics maker’s stock valued at $145,000 after acquiring an additional 616 shares during the last quarter. 92.37% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Bruce K. Crowther bought 900 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired at an average price of $31.58 per share, with a total value of $28,422.00. Following the completion of the purchase, the director now directly owns 3,900 shares of the company’s stock, valued at $123,162. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.40% of the stock is owned by company insiders.

MEI has been the subject of several analyst reports. Zacks Investment Research raised shares of Methode Electronics from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. TheStreet raised shares of Methode Electronics from a “c+” rating to a “b” rating in a research note on Wednesday, September 11th. B. Riley set a $42.00 price target on shares of Methode Electronics and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, ValuEngine downgraded shares of Methode Electronics from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. Methode Electronics currently has an average rating of “Hold” and an average price target of $40.25.

Shares of NYSE MEI opened at $37.03 on Friday. Methode Electronics Inc. has a twelve month low of $20.99 and a twelve month high of $37.42. The firm has a fifty day simple moving average of $33.93 and a 200 day simple moving average of $29.97. The company has a market capitalization of $1.38 billion, a PE ratio of 12.51 and a beta of 1.47. The company has a quick ratio of 1.88, a current ratio of 2.55 and a debt-to-equity ratio of 0.40.

Methode Electronics (NYSE:MEI) last announced its earnings results on Thursday, August 29th. The electronics maker reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Methode Electronics had a net margin of 9.19% and a return on equity of 16.39%. The business had revenue of $270.20 million during the quarter, compared to the consensus estimate of $268.15 million. During the same quarter last year, the firm earned $0.63 earnings per share. Methode Electronics’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, equities analysts expect that Methode Electronics Inc. will post 3.22 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, October 11th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, October 10th. Methode Electronics’s dividend payout ratio is presently 14.86%.

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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Institutional Ownership by Quarter for Methode Electronics (NYSE:MEI)

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