Wedge Capital Management L L P NC Sells 122,306 Shares of Methode Electronics, Inc. (NYSE:MEI)

Wedge Capital Management L L P NC reduced its holdings in Methode Electronics, Inc. (NYSE:MEIGet Rating) by 41.8% in the second quarter, HoldingsChannel reports. The firm owned 170,086 shares of the electronics maker’s stock after selling 122,306 shares during the period. Wedge Capital Management L L P NC’s holdings in Methode Electronics were worth $6,300,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MEI. Massachusetts Financial Services Co. MA increased its stake in shares of Methode Electronics by 69.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,210,521 shares of the electronics maker’s stock valued at $95,605,000 after acquiring an additional 902,737 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Methode Electronics during the 4th quarter worth about $31,809,000. Earnest Partners LLC acquired a new stake in shares of Methode Electronics in the 1st quarter valued at about $10,867,000. Invesco Ltd. increased its position in Methode Electronics by 50.4% in the 4th quarter. Invesco Ltd. now owns 444,343 shares of the electronics maker’s stock valued at $21,848,000 after buying an additional 148,985 shares in the last quarter. Finally, Guggenheim Capital LLC raised its stake in Methode Electronics by 76.3% during the 4th quarter. Guggenheim Capital LLC now owns 190,795 shares of the electronics maker’s stock worth $9,381,000 after buying an additional 82,575 shares during the period. 94.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Methode Electronics news, COO Joseph Elias Khoury sold 8,000 shares of Methode Electronics stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $38.55, for a total transaction of $308,400.00. Following the transaction, the chief operating officer now owns 396,420 shares of the company’s stock, valued at approximately $15,281,991. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Robert W. Baird reduced their price objective on Methode Electronics from $46.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, June 15th. StockNews.com lowered shares of Methode Electronics from a “buy” rating to a “hold” rating in a research note on Thursday, September 15th.

Methode Electronics Price Performance

Shares of NYSE MEI opened at $38.41 on Wednesday. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 15.30 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.38 and a current ratio of 3.26. Methode Electronics, Inc. has a fifty-two week low of $33.91 and a fifty-two week high of $49.94. The firm’s 50-day simple moving average is $39.89 and its 200 day simple moving average is $41.51.

Methode Electronics (NYSE:MEIGet Rating) last posted its earnings results on Thursday, June 23rd. The electronics maker reported $0.43 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.43. The company had revenue of $288.70 million for the quarter, compared to analyst estimates of $289.10 million. Methode Electronics had a return on equity of 10.39% and a net margin of 8.17%. As a group, research analysts anticipate that Methode Electronics, Inc. will post 2.9 earnings per share for the current fiscal year.

Methode Electronics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $0.56 annualized dividend and a dividend yield of 1.46%. Methode Electronics’s dividend payout ratio is currently 22.31%.

Methode Electronics Company Profile

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Methode Electronics, Inc designs, engineers, and produces mechatronic products worldwide. It operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies 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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