Plantronics Inc. (PLT) Rating Increased to Buy at Zacks Investment Research
Plantronics Inc. (NYSE:PLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $53.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 7.33% from the company’s previous close.
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 brokerages have also weighed in on PLT. TheStreet raised shares of Plantronics from a “hold” rating to a “buy” rating in a research note 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 note on Wednesday, August 3rd.
Shares of Plantronics (NYSE:PLT) opened at 49.38 on Tuesday. Plantronics has a 1-year low of $32.13 and a 1-year high of $53.96. The firm has a 50-day moving average of $50.76 and a 200 day moving average of $47.29. The stock has a market capitalization of $1.59 billion, a PE ratio of 23.30 and a beta of 1.56.
Plantronics (NYSE:PLT) last issued its quarterly earnings results on Tuesday, November 1st. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. The company earned $216.20 million during the quarter, compared to analyst estimates of $220.91 million. Plantronics had a net margin of 8.02% and a return on equity of 25.15%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 EPS. On average, equities analysts anticipate that Plantronics will post $3.16 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 18th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.22%. The ex-dividend date is Wednesday, November 16th. Plantronics’s dividend payout ratio is presently 28.17%.
In related news, CEO S Kenneth Kannappan sold 14,946 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $51.00, for a total value of $762,246.00. Following the completion of the sale, the chief executive officer now owns 125,055 shares in the company, valued at approximately $6,377,805. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian S. Dexheimer sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $49.97, for a total transaction of $199,880.00. Following the completion of the sale, the director now owns 18,384 shares of the company’s stock, valued at approximately $918,648.48. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
Large investors have recently modified their holdings of the stock. Foundry Partners LLC purchased a new stake in shares of Plantronics during the second quarter valued at approximately $8,262,000. Teachers Advisors Inc. raised its position in Plantronics by 284.7% in the second quarter. Teachers Advisors Inc. now owns 232,056 shares of the company’s stock valued at $10,210,000 after buying an additional 171,739 shares in the last quarter. Lord Abbett & CO. LLC raised its position in Plantronics by 541.2% in the second quarter. Lord Abbett & CO. LLC now owns 177,461 shares of the company’s stock valued at $7,808,000 after buying an additional 149,785 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Plantronics by 65.6% in the first quarter. Goldman Sachs Group Inc. now owns 362,443 shares of the company’s stock valued at $14,204,000 after buying an additional 143,535 shares in the last quarter. Finally, LSV Asset Management raised its position in Plantronics by 86.7% in the second quarter. LSV Asset Management now owns 285,294 shares of the company’s stock valued at $12,552,000 after buying an additional 132,492 shares in the last quarter. Institutional investors and hedge funds own 90.63% of the company’s stock.
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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