Plantronics, Inc. (PLT) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Plantronics, Inc. (NYSE:PLT) from a sell rating to a hold rating in a research note published on Friday morning.
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. “
Other equities analysts have also recently issued reports about the company. J P Morgan Chase & Co upgraded Plantronics from a neutral rating to an overweight rating and raised their price objective for the company from $59.00 to $63.00 in a research note on Thursday, June 1st. Northland Securities set a $57.00 price objective on Plantronics and gave the company a buy rating in a research note on Tuesday, July 25th. BidaskClub lowered Plantronics from a sell rating to a strong sell rating in a research report on Wednesday, July 12th. Finally, TheStreet lowered Plantronics from a b- rating to a c+ rating in a research report on Monday, August 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Plantronics currently has an average rating of Hold and a consensus price target of $58.25.
Shares of Plantronics (PLT) traded up 0.45% on Friday, hitting $42.60. 2,067 shares of the stock traded hands. The firm’s 50 day moving average is $47.37 and its 200 day moving average is $52.15. The firm has a market capitalization of $1.38 billion, a PE ratio of 17.32 and a beta of 1.27. Plantronics has a 52 week low of $41.28 and a 52 week high of $58.27.
Plantronics (NYSE:PLT) last issued its quarterly earnings data 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 net margin of 9.40% and a return on equity of 21.31%. The company had revenue of $203.90 million for the quarter, compared to the consensus estimate of $217.11 million. During the same quarter last year, the business posted $0.76 earnings per share. Plantronics’s revenue was down 8.6% on a year-over-year basis. On average, analysts expect that Plantronics will post $2.97 EPS for the current fiscal year.
Plantronics announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 27th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is 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 1.41%. The ex-dividend date of this dividend is Wednesday, August 16th. Plantronics’s dividend payout ratio is presently 24.29%.
Large investors have recently made changes to their positions in the stock. Neuberger Berman Group LLC raised its stake in shares of Plantronics by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock valued at $201,000 after buying an additional 31 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Plantronics by 0.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,880 shares of the technology company’s stock valued at $255,000 after buying an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Plantronics by 0.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 5,753 shares of the technology company’s stock valued at $253,000 after buying an additional 34 shares in the last quarter. Meeder Asset Management Inc. raised its stake in shares of Plantronics by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 14,054 shares of the technology company’s stock valued at $735,000 after buying an additional 79 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in shares of Plantronics by 0.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 15,481 shares of the technology company’s stock valued at $838,000 after buying an additional 84 shares in the last quarter. 91.19% of the stock is owned by hedge funds and other institutional investors.
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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