Martingale Asset Management L P Increases Stake in Plantronics, Inc. (PLT)
Martingale Asset Management L P grew its position in Plantronics, Inc. (NYSE:PLT) by 39.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 62,727 shares of the technology company’s stock after acquiring an additional 17,805 shares during the period. Martingale Asset Management L P owned 0.19% of Plantronics worth $3,282,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in PLT. BlackRock Inc. lifted its stake in shares of Plantronics by 23,139.5% in the 1st quarter. BlackRock Inc. now owns 3,456,643 shares of the technology company’s stock valued at $187,037,000 after acquiring an additional 3,441,769 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Plantronics by 63.1% in the 1st quarter. Nuveen Asset Management LLC now owns 642,534 shares of the technology company’s stock valued at $34,768,000 after acquiring an additional 248,549 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Plantronics by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock valued at $147,622,000 after acquiring an additional 107,289 shares during the last quarter. State Street Corp lifted its stake in shares of Plantronics by 9.0% in the 1st quarter. State Street Corp now owns 1,182,582 shares of the technology company’s stock valued at $63,989,000 after acquiring an additional 97,473 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Plantronics by 8.2% in the 1st quarter. Bank of New York Mellon Corp now owns 780,531 shares of the technology company’s stock valued at $42,235,000 after acquiring an additional 59,080 shares during the last quarter. Institutional investors own 91.19% of the company’s stock.
A number of research analysts have recently commented on PLT shares. Northland Securities set a $57.00 price target on Plantronics and gave the company a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut Plantronics from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. TheStreet cut Plantronics from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. J P Morgan Chase & Co cut Plantronics from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $63.00 to $60.00 in a research note on Friday, July 28th. Finally, BidaskClub cut Plantronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. One research 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. The stock has a consensus rating of “Hold” and an average price target of $58.25.
TRADEMARK VIOLATION NOTICE: “Martingale Asset Management L P Increases Stake in Plantronics, Inc. (PLT)” was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this piece on another site, it was illegally stolen and reposted in violation of international copyright and trademark law. The legal version of this piece can be viewed at https://www.thecerbatgem.com/2017/09/17/martingale-asset-management-l-p-increases-stake-in-plantronics-inc-plt.html.
Plantronics, Inc. (NYSE:PLT) opened at 43.27 on Friday. The company has a market capitalization of $1.41 billion, a PE ratio of 17.59 and a beta of 1.26. The stock has a 50 day moving average price of $43.03 and a 200-day moving average price of $50.99. Plantronics, Inc. has a 52 week low of $41.28 and a 52 week 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.05). Plantronics had a return on equity of 21.31% and a net margin of 9.40%. The company had revenue of $203.90 million for the quarter, compared to the consensus estimate of $217.11 million. During the same period in the prior year, the firm posted $0.76 earnings per share. The business’s revenue was down 8.6% on a year-over-year basis. On average, equities analysts predict that Plantronics, Inc. will post $2.88 earnings per share for the current fiscal year.
Plantronics announced that its board has initiated a share repurchase program on Thursday, July 27th that authorizes the company to buyback 1,000,000 shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend was Wednesday, August 16th. Plantronics’s dividend payout ratio is currently 24.29%.
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.
Receive News & Stock Ratings for Plantronics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plantronics Inc. and related stocks with our FREE daily email newsletter.