Zacks Investment Research lowered shares of Plexus Corp. (NASDAQ:PLXS) from a hold rating to a sell rating in a report issued on Tuesday, July 25th.

According to Zacks, “Plexus reported third-quarter 2017 results, wherein both earnings and revenues beat the Zacks Consensus Estimate. However, both the metrics registered declines years over year. Plexus’ performance continues to be marred by weakness in Communications segment. Customer concentration and stiffening competition remain other areas of concern. The company has underperformed the broader market in the past one year. However, Plexus is likely to benefit from increasing project wins, streamlining of operations and strong cash flow generation abilities over the long run. Moreover, it expects revenues from communications sector to be up in the current quarter driven by increasing end-market demand.”

Other research analysts have also issued reports about the stock. Citigroup Inc. raised their price target on shares of Plexus Corp. from $56.00 to $59.00 and gave the company a neutral rating in a research report on Friday, July 21st. Deutsche Bank AG raised their price target on shares of Plexus Corp. from $50.00 to $54.00 and gave the company a hold rating in a research report on Friday, July 21st. Stifel Nicolaus reissued a hold rating and set a $54.00 price target (up from $50.00) on shares of Plexus Corp. in a research report on Friday, July 21st. ValuEngine lowered shares of Plexus Corp. from a buy rating to a hold rating in a research report on Friday, July 14th. Finally, BidaskClub lowered shares of Plexus Corp. from a buy rating to a hold rating in a research report on Thursday, June 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Plexus Corp. presently has a consensus rating of Hold and a consensus target price of $58.25.

Shares of Plexus Corp. (NASDAQ PLXS) traded down 0.56% during midday trading on Tuesday, reaching $49.75. 132,526 shares of the company’s stock traded hands. The stock has a market cap of $1.67 billion, a P/E ratio of 16.80 and a beta of 0.93. The stock has a 50 day moving average of $52.59 and a 200-day moving average of $53.98. Plexus Corp. has a 12 month low of $44.35 and a 12 month high of $58.74.

Plexus Corp. (NASDAQ:PLXS) last issued its quarterly earnings data on Wednesday, July 19th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.02. The firm had revenue of $618.80 million during the quarter, compared to analysts’ expectations of $608.95 million. Plexus Corp. had a net margin of 4.07% and a return on equity of 10.76%. The business’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the company earned $0.82 earnings per share. On average, equities research analysts forecast that Plexus Corp. will post $3.22 EPS for the current fiscal year.

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In related news, Chairman Dean A. Foate sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $53.33, for a total transaction of $266,650.00. Following the completion of the transaction, the chairman now owns 247,142 shares of the company’s stock, valued at $13,180,082.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Oliver K. Mihm sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $53.80, for a total transaction of $69,940.00. Following the transaction, the insider now directly owns 6,223 shares of the company’s stock, valued at approximately $334,797.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,106 shares of company stock worth $4,116,356. Insiders own 4.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of PLXS. Neuberger Berman Group LLC boosted its position in shares of Plexus Corp. by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,834 shares of the technology company’s stock valued at $202,000 after buying an additional 31 shares in the last quarter. 1st Global Advisors Inc. boosted its position in shares of Plexus Corp. by 0.9% in the first quarter. 1st Global Advisors Inc. now owns 4,764 shares of the technology company’s stock valued at $275,000 after buying an additional 42 shares in the last quarter. Amalgamated Bank boosted its position in shares of Plexus Corp. by 1.4% in the second quarter. Amalgamated Bank now owns 4,582 shares of the technology company’s stock valued at $241,000 after buying an additional 65 shares in the last quarter. Suntrust Banks Inc. boosted its position in shares of Plexus Corp. by 1.3% in the second quarter. Suntrust Banks Inc. now owns 5,440 shares of the technology company’s stock valued at $285,000 after buying an additional 69 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Plexus Corp. by 1.5% in the second quarter. PNC Financial Services Group Inc. now owns 6,228 shares of the technology company’s stock valued at $328,000 after buying an additional 92 shares in the last quarter. 93.03% of the stock is owned by institutional investors.

Plexus Corp. Company Profile

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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Analyst Recommendations for Plexus Corp. (NASDAQ:PLXS)

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