Plexus Corp. (NASDAQ:PLXS) Position Reduced by Metropolitan Life Insurance Co. NY
Metropolitan Life Insurance Co. NY cut its position in Plexus Corp. (NASDAQ:PLXS) by 2.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,307 shares of the technology company’s stock after selling 526 shares during the period. Metropolitan Life Insurance Co. NY owned approximately 0.07% of Plexus Corp. worth $1,289,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Plexus Corp. during the fourth quarter worth $22,421,000. Teachers Advisors LLC increased its stake in Plexus Corp. by 17.1% in the fourth quarter. Teachers Advisors LLC now owns 62,668 shares of the technology company’s stock worth $3,387,000 after buying an additional 9,153 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Plexus Corp. by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 13,700 shares of the technology company’s stock worth $792,000 after buying an additional 200 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Plexus Corp. by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 3,720 shares of the technology company’s stock worth $215,000 after buying an additional 100 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Plexus Corp. by 418,700.0% in the first quarter. Acadian Asset Management LLC now owns 50,256 shares of the technology company’s stock worth $2,905,000 after buying an additional 50,244 shares in the last quarter. 93.03% of the stock is owned by institutional investors.
Plexus Corp. (PLXS) traded down 0.56% on Friday, reaching $49.75. The company’s stock had a trading volume of 132,526 shares. The stock has a 50-day moving average of $52.59 and a 200-day moving average of $53.98. Plexus Corp. has a one year low of $44.35 and a one year high of $58.74. The stock has a market cap of $1.67 billion, a P/E ratio of 16.80 and a beta of 0.93.
Plexus Corp. (NASDAQ:PLXS) last released its quarterly earnings results on Wednesday, July 19th. The technology company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.02. Plexus Corp. had a return on equity of 10.76% and a net margin of 4.07%. The company had revenue of $618.80 million for the quarter, compared to analysts’ expectations of $608.95 million. During the same period in the prior year, the firm earned $0.82 earnings per share. The firm’s revenue was down 7.3% compared to the same quarter last year. On average, analysts predict that Plexus Corp. will post $3.22 EPS for the current fiscal year.
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Several analysts have recently commented on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $54.00 target price (up from $50.00) on shares of Plexus Corp. in a report on Friday, July 21st. Zacks Investment Research cut Plexus Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Deutsche Bank AG raised their price objective on Plexus Corp. from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Friday, July 21st. Citigroup Inc. raised their price objective on Plexus Corp. from $56.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. Finally, ValuEngine cut Plexus Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $58.25.
In other Plexus Corp. news, insider Oliver K. Mihm sold 1,300 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $53.80, for a total transaction of $69,940.00. Following the transaction, the insider now owns 6,223 shares of the company’s stock, valued at $334,797.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Dean A. Foate sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $53.33, for a total value of $266,650.00. Following the transaction, the chairman now directly owns 247,142 shares in the company, valued at approximately $13,180,082.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,106 shares of company stock worth $4,116,356. Insiders own 4.30% of the company’s stock.
About Plexus Corp.
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. The Company delivers end-to-end solutions for customers in the Americas (AMER), Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.
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