New York State Teachers Retirement System Maintains Position in Plantronics, Inc. (NYSE:PLT)
New York State Teachers Retirement System held its position in shares of Plantronics, Inc. (NYSE:PLT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,792 shares of the technology company’s stock at the end of the first quarter. New York State Teachers Retirement System owned approximately 0.26% of Plantronics worth $4,534,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in PLT. Renaissance Technologies LLC boosted its stake in Plantronics by 19.4% in the first quarter. Renaissance Technologies LLC now owns 91,600 shares of the technology company’s stock worth $4,956,000 after buying an additional 14,900 shares during the last quarter. Liberty Mutual Group Asset Management Inc. boosted its position in shares of Plantronics by 6.1% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 14,958 shares of the technology company’s stock worth $810,000 after buying an additional 861 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Plantronics by 14.7% in the first quarter. Geode Capital Management LLC now owns 341,123 shares of the technology company’s stock worth $18,458,000 after buying an additional 43,683 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Plantronics by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock worth $147,622,000 after buying an additional 107,289 shares in the last quarter. Finally, Menta Capital LLC boosted its position in shares of Plantronics by 204.5% in the first quarter. Menta Capital LLC now owns 21,941 shares of the technology company’s stock worth $1,187,000 after buying an additional 14,735 shares in the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.
Plantronics, Inc. (PLT) traded down 1.28% during mid-day trading on Thursday, reaching $44.77. 187,213 shares of the company were exchanged. Plantronics, Inc. has a one year low of $43.51 and a one year high of $58.27. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 17.42 and a beta of 1.27. The stock has a 50 day moving average of $52.41 and a 200-day moving average of $53.69.
Plantronics (NYSE:PLT) last issued its earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.75 by $0.05. Plantronics had a return on equity of 21.31% and a net margin of 9.40%. The business had revenue of $203.90 million for the quarter, compared to analyst estimates of $217.11 million. During the same period last year, the business posted $0.76 EPS. Plantronics’s revenue was down 8.6% on a year-over-year basis. On average, equities analysts expect that Plantronics, Inc. will post $3.28 earnings per share for the current fiscal year.
Plantronics announced that its board has authorized a share buyback plan on Thursday, July 27th that allows the company to repurchase 1,000,000 outstanding shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Wednesday, August 16th. Plantronics’s dividend payout ratio (DPR) is presently 24.29%.
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A number of brokerages have recently issued reports on PLT. Zacks Investment Research cut shares of Plantronics from a “hold” rating to a “sell” rating in a report on Thursday. J P Morgan Chase & Co cut shares of Plantronics from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $60.00 in a report on Friday, July 28th. Northland Securities set a $57.00 price target on shares of Plantronics and gave the stock a “buy” rating in a report on Tuesday, July 25th. Finally, BidaskClub cut shares of Plantronics from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $58.25.
In other Plantronics news, Director Marshall Mohr sold 3,000 shares of Plantronics stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $53.14, for a total transaction of $159,420.00. Following the transaction, the director now owns 22,384 shares of the company’s stock, valued at $1,189,485.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Marvin Tseu sold 3,546 shares of Plantronics stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $54.50, for a total value of $193,257.00. Following the transaction, the director now directly owns 20,084 shares in the company, valued at approximately $1,094,578. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,586 shares of company stock worth $354,913. 3.20% of the stock is currently owned by corporate insiders.
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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