Logitech International SA (LOGI) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “Logitech has a striking earnings surprise history, with three strong earnings beats in the four trailing quarters. Also, the company’s current year estimates have moved north over the past month. Logitech is enjoying strong, broad-based momentum in its Retail segment businesses. Also, Logitech has been benefiting from its robust business model that focuses on maximizing profit in PC peripherals and expanding into new business categories. We believe that the company’s impressive traction across its markets and its strong product portfolio will continue to drive growth for Logitech. However, on the flip side, Logitech’s Tablet business continues to suffer from slowing product demand, which could peg back its growth somewhat. Also, the company’s growing R&D expenses, economic challenges in Russia and Europe as well as currency fluctuations continue to impact earnings and could be concerns in the quarters ahead.”
Several other analysts have also weighed in on LOGI. Rosenblatt Securities restated a buy rating and set a $22.75 price target on shares of Logitech International SA in a report on Thursday, September 15th. JPMorgan Chase & Co. increased their price target on Logitech International SA from $13.50 to $18.00 and gave the company an underweight rating in a report on Friday, July 29th. Finally, Morgan Stanley upgraded Logitech International SA from an underweight rating to an equal weight rating in a report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $18.44.
Logitech International SA (NASDAQ:LOGI) traded up 1.55% during trading on Tuesday, hitting $22.28. The stock had a trading volume of 140,679 shares. The stock has a market capitalization of $3.60 billion, a PE ratio of 27.85 and a beta of 1.19. The stock’s 50-day moving average is $21.67 and its 200-day moving average is $17.55. Logitech International SA has a 52-week low of $12.79 and a 52-week high of $22.42.
Logitech International SA (NASDAQ:LOGI) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.07. Logitech International SA had a return on equity of 18.58% and a net margin of 6.46%. On average, analysts predict that Logitech International SA will post $1.08 earnings per share for the current fiscal year.
The company also recently declared an annual dividend, which was paid on Tuesday, September 27th. Stockholders of record on Monday, September 26th were paid a dividend of $0.5774 per share. The ex-dividend date was Thursday, September 22nd. This is a positive change from Logitech International SA’s previous annual dividend of $0.52. Logitech International SA’s dividend payout ratio (DPR) is currently 71.25%.
In other news, CFO Vincent Pilette sold 100,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $19.93, for a total transaction of $1,993,000.00. Following the transaction, the chief financial officer now owns 518,492 shares in the company, valued at $10,333,545.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marcel Stolk sold 225,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $20.36, for a total value of $4,581,000.00. Following the transaction, the senior vice president now owns 478,002 shares in the company, valued at approximately $9,732,120.72. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Edmond DE Rothschild Holding S.A. raised its position in shares of Logitech International SA by 154.6% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 9,880 shares of the company’s stock valued at $157,000 after buying an additional 6,000 shares in the last quarter. Cipher Capital LP bought a new stake in shares of Logitech International SA during the second quarter worth $171,000. World Asset Management Inc increased its stake in shares of Logitech International SA by 7.5% in the second quarter. World Asset Management Inc now owns 10,776 shares of the company’s stock worth $175,000 after buying an additional 751 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in shares of Logitech International SA during the second quarter worth $192,000. Finally, Bank of Montreal Can bought a new stake in shares of Logitech International SA during the second quarter worth $192,000. Hedge funds and other institutional investors own 33.78% of the company’s stock.
About Logitech International SA
Logitech International SA (Logitech) is a Switzerland-based company that, together with its subsidiaries, develops and markets hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking, and audio and video communication over the Internet.
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