Plantronics, Inc. (PLT) Rating Increased to Hold 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 report sent to investors on Tuesday.
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 issued research reports about the stock. J P Morgan Chase & Co upgraded shares of 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 report on Thursday, June 1st. Northland Securities set a $57.00 price objective on shares of Plantronics and gave the company a buy rating in a research note on Tuesday, July 25th. BidaskClub lowered shares of Plantronics from a sell rating to a strong sell rating in a research note on Wednesday, July 12th. Finally, TheStreet lowered shares of Plantronics from a b- rating to a c+ rating in a research note on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $58.25.
Plantronics (NYSE:PLT) opened at 42.26 on Tuesday. The firm’s 50-day moving average is $44.62 and its 200-day moving average is $51.41. The firm has a market cap of $1.37 billion, a PE ratio of 17.18 and a beta of 1.26. Plantronics has a 12 month low of $41.28 and a 12 month high of $58.27.
Plantronics (NYSE:PLT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ 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 business 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 EPS. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. Equities analysts expect that Plantronics will post $2.97 earnings per share for the current year.
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Plantronics announced that its board has approved a share repurchase plan on Thursday, July 27th that permits the company to buyback 1,000,000 shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Wednesday, August 16th. Plantronics’s dividend payout ratio is presently 24.29%.
A number of hedge funds have recently bought and sold shares of PLT. BlackRock Inc. lifted its stake in Plantronics by 23,139.5% during the first quarter. BlackRock Inc. now owns 3,456,643 shares of the technology company’s stock valued at $187,037,000 after buying an additional 3,441,769 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in Plantronics by 63.1% during the first quarter. Nuveen Asset Management LLC now owns 642,534 shares of the technology company’s stock valued at $34,768,000 after buying an additional 248,549 shares in the last quarter. Koch Industries Inc. lifted its stake in Plantronics by 6,554.8% during the second quarter. Koch Industries Inc. now owns 248,691 shares of the technology company’s stock valued at $244,000 after buying an additional 244,954 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Plantronics by 223.7% during the second quarter. Renaissance Technologies LLC now owns 296,500 shares of the technology company’s stock valued at $15,510,000 after buying an additional 204,900 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Plantronics by 4.1% during the first quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock valued at $147,622,000 after buying an additional 107,289 shares in the last quarter. 91.19% of the stock is owned by institutional investors.
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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