BlackRock Institutional Trust Company N.A. reduced its position in Methode Electronics Inc. (NYSE:MEI) by 0.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 918,810 shares of the company’s stock after selling 403 shares during the period. BlackRock Institutional Trust Company N.A. owned approximately 2.41% of Methode Electronics worth $26,866,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in Methode Electronics during the fourth quarter worth $11,873,000. Century Capital Management LLC purchased a new stake in Methode Electronics during the fourth quarter worth $10,227,000. Royce & Associates LLC raised its stake in Methode Electronics by 24.5% in the fourth quarter. Royce & Associates LLC now owns 703,456 shares of the company’s stock worth $22,391,000 after buying an additional 138,310 shares during the period. Thompson Siegel & Walmsley LLC raised its stake in Methode Electronics by 9.9% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 1,177,143 shares of the company’s stock worth $37,469,000 after buying an additional 105,876 shares during the period. Finally, Alpha Omega Wealth Management LLC purchased a new stake in Methode Electronics during the fourth quarter worth $2,153,000.
Shares of Methode Electronics Inc. (NYSE:MEI) traded up 2.53% during trading on Wednesday, reaching $35.62. 264,949 shares of the company traded hands. The firm’s 50 day moving average price is $32.23 and its 200-day moving average price is $29.03. The company has a market capitalization of $1.31 billion and a price-to-earnings ratio of 16.19. Methode Electronics Inc. has a 52 week low of $22.72 and a 52 week high of $37.25.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Friday, July 15th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, July 13th. This represents a $0.36 dividend on an annualized basis and a yield of 1.01%.
A number of analysts recently weighed in on MEI shares. Dundee Securities increased their price objective on shares of Methode Electronics from C$0.15 to C$0.20 in a research report on Monday, April 4th. FBR & Co reissued an “outperform” rating and issued a $42.00 price objective on shares of Methode Electronics in a research report on Friday, June 24th. Robert W. Baird raised shares of Methode Electronics from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $35.00 to $45.00 in a research report on Friday, June 24th. Zacks Investment Research lowered shares of Methode Electronics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 22nd. Finally, B. Riley reissued a “buy” rating and issued a $44.50 price objective on shares of Methode Electronics in a research report on Sunday, June 26th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Methode Electronics presently has a consensus rating of “Hold” and an average target price of C$18.66.
In other Methode Electronics news, CFO Douglas A. Koman sold 26,666 shares of the business’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of C$34.37, for a total value of C$916,510.42. Following the transaction, the chief financial officer now directly owns 268,782 shares in the company, valued at approximately C$9,238,037.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul G. Shelton sold 2,000 shares of the business’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of C$34.99, for a total transaction of C$69,980.00. The disclosure for this sale can be found here.
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.
