Plantronics Inc. (PLT) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Plantronics, Inc. is a leading designer, manufacturer and marketer of lightweight communications headsets and headset accessories and services. In addition, the company manufactures and markets specialty telephone products, such as amplified telephone handsets and specialty telephones for hearing-impaired users, and noise-canceling handsets for use in high-noise environments. “
A number of other research firms also recently commented on PLT. TheStreet upgraded shares of Plantronics from a hold rating to a buy rating in a research report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $55.00 price target on shares of Plantronics and gave the stock a buy rating in a research report on Wednesday, August 3rd.
Shares of Plantronics (NYSE:PLT) traded up 0.0193% during trading on Wednesday, hitting $52.4201. 35,025 shares of the company traded hands. The firm has a 50 day moving average price of $50.72 and a 200-day moving average price of $45.15. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 25.9763 and a beta of 1.59. Plantronics has a one year low of $32.13 and a one year high of $55.09.
Plantronics (NYSE:PLT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. Plantronics had a net margin of 7.73% and a return on equity of 24.55%. The company had revenue of $223.10 million for the quarter, compared to the consensus estimate of $216.70 million. During the same period in the previous year, the firm earned $0.67 EPS. Plantronics’s revenue was up 8.1% on a year-over-year basis. Analysts predict that Plantronics will post $3.19 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were paid a $0.15 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $0.60 annualized dividend and a dividend yield of 1.14%. Plantronics’s dividend payout ratio is currently 29.70%.
In other news, CEO S Kenneth Kannappan sold 9,600 shares of Plantronics stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $50.84, for a total value of $488,064.00. Following the transaction, the chief executive officer now owns 165,255 shares of the company’s stock, valued at approximately $8,401,564.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian S. Dexheimer sold 4,000 shares of Plantronics stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $49.97, for a total transaction of $199,880.00. Following the completion of the transaction, the director now directly owns 18,384 shares in the company, valued at approximately $918,648.48. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in PLT. Vanguard Group Inc. increased its position in Plantronics by 0.8% in the second quarter. Vanguard Group Inc. now owns 2,523,439 shares of the company’s stock valued at $111,031,000 after buying an additional 20,976 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Plantronics by 4.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,030,535 shares of the company’s stock valued at $45,344,000 after buying an additional 39,740 shares during the period. Stadium Capital Management LLC purchased a new position in Plantronics during the first quarter valued at $22,445,000. Bank of New York Mellon Corp increased its position in Plantronics by 31.0% in the second quarter. Bank of New York Mellon Corp now owns 556,737 shares of the company’s stock valued at $24,497,000 after buying an additional 131,634 shares during the period. Finally, Principal Financial Group Inc. increased its position in Plantronics by 1.2% in the second quarter. Principal Financial Group Inc. now owns 540,691 shares of the company’s stock valued at $23,790,000 after buying an additional 6,237 shares during the period. 90.60% of the stock is currently owned by institutional investors.
Plantronics Company Profile
Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.
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