Plantronics, Inc. (PLT) Stake Maintained by Glenmede Trust Co. NA
Glenmede Trust Co. NA held its stake in Plantronics, Inc. (NYSE:PLT) during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,002 shares of the technology company’s stock at the end of the first quarter. Glenmede Trust Co. NA’s holdings in Plantronics were worth $657,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ledyard National Bank boosted its position in shares of Plantronics by 400.0% in the first quarter. Ledyard National Bank now owns 5,000 shares of the technology company’s stock worth $271,000 after buying an additional 4,000 shares during the last quarter. Legato Capital Management LLC boosted its position in shares of Plantronics by 5,310.9% in the first quarter. Legato Capital Management LLC now owns 42,530 shares of the technology company’s stock worth $786,000 after buying an additional 41,744 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Plantronics by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the technology company’s stock worth $455,000 after buying an additional 200 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Plantronics by 7.0% in the first quarter. Bank of Montreal Can now owns 20,928 shares of the technology company’s stock worth $1,133,000 after buying an additional 1,366 shares during the last quarter. Finally, Foundry Partners LLC boosted its position in shares of Plantronics by 16.4% in the first quarter. Foundry Partners LLC now owns 225,629 shares of the technology company’s stock worth $12,209,000 after buying an additional 31,801 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.
Plantronics, Inc. (NYSE PLT) traded down 1.28% during trading on Thursday, hitting $44.77. The stock had a trading volume of 187,213 shares. Plantronics, Inc. has a one year low of $43.51 and a one year high of $58.27. The firm has a market capitalization of $1.51 billion, a P/E 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 announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The company had revenue of $203.90 million for the quarter, compared to analysts’ expectations of $217.11 million. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. Plantronics’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period last year, the firm earned $0.76 earnings per share. Equities research analysts expect that Plantronics, Inc. will post $3.28 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis 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%.
Plantronics declared that its board has initiated a share repurchase plan on Thursday, July 27th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages have recently weighed in on PLT. Zacks Investment Research lowered Plantronics from a “hold” rating to a “sell” rating in a research report on Thursday. J P Morgan Chase & Co upgraded Plantronics from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $59.00 to $63.00 in a report on Thursday, June 1st. Northland Securities set a $57.00 target price on Plantronics and gave the stock a “buy” rating in a report on Tuesday, July 25th. Finally, BidaskClub cut 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 assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $58.25.
In related news, Director Marvin Tseu sold 3,546 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $54.50, for a total transaction of $193,257.00. Following the completion of the transaction, the director now directly owns 20,084 shares in the company, valued at $1,094,578. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Marshall Mohr sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were 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 disclosure for this sale can be found here. Insiders have sold 6,586 shares of company stock worth $354,913 over the last three months. Corporate insiders own 3.20% of the company’s stock.
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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