Methode Electronics, Inc. (NYSE:MEI) Shares Bought by State Board of Administration of Florida Retirement System

Posted by Defense World Staff on Sep 20th, 2023

State Board of Administration of Florida Retirement System raised its stake in shares of Methode Electronics, Inc. (NYSE:MEI – Free Report) by 34.1% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 52,966 shares of the electronics maker’s stock after buying an additional 13,459 shares during the period. State Board of Administration of Florida Retirement System owned about 0.15% of Methode Electronics worth $2,324,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Ameritas Advisory Services LLC acquired a new stake in Methode Electronics in the 1st quarter valued at $48,000. Steward Partners Investment Advisory LLC purchased a new position in Methode Electronics during the fourth quarter worth about $53,000. Point72 Hong Kong Ltd purchased a new position in shares of Methode Electronics during the 2nd quarter worth approximately $99,000. Tower Research Capital LLC TRC boosted its position in shares of Methode Electronics by 52.1% during the third quarter. Tower Research Capital LLC TRC now owns 3,219 shares of the electronics maker’s stock worth $120,000 after buying an additional 1,103 shares during the period. Finally, Captrust Financial Advisors grew its position in Methode Electronics by 29.5% in the 1st quarter. Captrust Financial Advisors now owns 3,824 shares of the electronics maker’s stock valued at $165,000 after acquiring an additional 870 shares in the last quarter. 89.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on MEI. TheStreet cut shares of Methode Electronics from a “b” rating to a “c+” rating in a report on Thursday, June 22nd. StockNews.com assumed coverage on shares of Methode Electronics in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Robert W. Baird dropped their target price on Methode Electronics from $38.00 to $27.00 in a report on Friday, September 8th.

View Our Latest Research Report on Methode Electronics

Methode Electronics Price Performance

Methode Electronics stock opened at $22.24 on Wednesday. The company has a market cap of $800.86 million, a P/E ratio of 14.54 and a beta of 1.04. Methode Electronics, Inc. has a one year low of $21.93 and a one year high of $51.38. The business has a fifty day moving average of $30.64 and a two-hundred day moving average of $37.15. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.31 and a current ratio of 3.15.

Methode Electronics (NYSE:MEI – Get Free Report) last announced its quarterly earnings data on Thursday, June 22nd. The electronics maker reported $0.21 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.02). The company had revenue of $301.20 million during the quarter, compared to analyst estimates of $301.60 million. Methode Electronics had a net margin of 4.76% and a return on equity of 6.16%. As a group, analysts predict that Methode Electronics, Inc. will post 0.85 earnings per share for the current fiscal year.

Methode Electronics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Thursday, October 12th. Methode Electronics’s dividend payout ratio (DPR) is 36.60%.

Methode Electronics Profile

(Free Report)

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.