Optimum Investment Advisors acquired a new stake in Methode Electronics Inc. (NYSE:MEI) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 2,850 shares of the electronics maker’s stock, valued at approximately $112,000.
A number of other hedge funds also recently modified their holdings of the business. Massachusetts Financial Services Co. MA bought a new stake in shares of Methode Electronics during the third quarter worth approximately $16,076,000. Millennium Management LLC increased its stake in shares of Methode Electronics by 2,682.2% during the third quarter. Millennium Management LLC now owns 402,139 shares of the electronics maker’s stock worth $13,527,000 after purchasing an additional 387,685 shares during the period. Nuveen Asset Management LLC lifted its holdings in Methode Electronics by 1,664.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 300,153 shares of the electronics maker’s stock worth $8,575,000 after purchasing an additional 283,143 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Methode Electronics by 147.7% during the second quarter. Morgan Stanley now owns 453,391 shares of the electronics maker’s stock worth $12,954,000 after buying an additional 270,371 shares in the last quarter. Finally, Phocas Financial Corp. bought a new stake in shares of Methode Electronics in the third quarter valued at about $4,017,000. Hedge funds and other institutional investors own 92.96% of the company’s stock.
Shares of NYSE:MEI opened at $38.20 on Friday. The firm has a market cap of $1.41 billion, a P/E ratio of 13.64 and a beta of 1.49. Methode Electronics Inc. has a 12-month low of $24.33 and a 12-month high of $41.70. The business has a fifty day simple moving average of $39.41 and a 200 day simple moving average of $34.10. The company has a quick ratio of 1.80, a current ratio of 2.53 and a debt-to-equity ratio of 0.39.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be issued a dividend of $0.11 per share. The ex-dividend date is Thursday, January 16th. This represents a $0.44 annualized dividend and a dividend yield of 1.15%. Methode Electronics’s dividend payout ratio is 14.86%.
A number of research analysts recently issued reports on MEI shares. Robert W. Baird lifted their price objective on shares of Methode Electronics from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. ValuEngine cut shares of Methode Electronics from a “sell” rating to a “strong sell” rating in a research report on Friday, January 3rd. Finally, Zacks Investment Research raised shares of Methode Electronics from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research note on Wednesday, December 25th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $42.75.
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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