Isthmus Partners LLC reduced its position in Plantronics, Inc. (NYSE:PLT) by 0.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,587 shares of the technology company’s stock after selling 92 shares during the period. Isthmus Partners LLC’s holdings in Plantronics were worth $711,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in 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 purchasing an additional 3,441,769 shares in the last quarter. Vanguard Group Inc. increased its position in Plantronics by 4.1% during the first quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock worth $147,622,000 after buying an additional 107,289 shares in the last quarter. State Street Corp increased its position in Plantronics by 9.0% during the first quarter. State Street Corp now owns 1,182,582 shares of the technology company’s stock worth $63,989,000 after buying an additional 97,473 shares in the last quarter. Bank of New York Mellon Corp increased its position in Plantronics by 1.9% during the second quarter. Bank of New York Mellon Corp now owns 795,627 shares of the technology company’s stock worth $41,619,000 after buying an additional 15,096 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in Plantronics by 63.1% during the first quarter. Nuveen Asset Management LLC now owns 642,534 shares of the technology company’s stock worth $34,768,000 after buying an additional 248,549 shares in the last quarter. 91.19% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on PLT. Northland Securities set a $57.00 price target on Plantronics and gave the stock a “buy” rating in a research report on Tuesday, July 25th. J P Morgan Chase & Co downgraded Plantronics from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $63.00 to $60.00 in a research report on Friday, July 28th. BidaskClub downgraded Plantronics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Zacks Investment Research raised Plantronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, TheStreet cut Plantronics from a “b-” rating to a “c+” rating in a report 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 company currently has an average rating of “Hold” and a consensus price target of $58.25.

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Plantronics, Inc. (NYSE:PLT) remained flat at $43.67 during midday trading on Tuesday. The company’s stock had a trading volume of 17,658 shares. The firm has a market capitalization of $1.42 billion, a PE ratio of 17.75 and a beta of 1.26. The stock has a 50 day moving average of $43.00 and a 200 day moving average of $50.87. Plantronics, Inc. has a 12-month low of $41.28 and a 12-month high of $58.27.

Plantronics (NYSE:PLT) last announced its earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) 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 firm had revenue of $203.90 million for the quarter, compared to analyst estimates of $217.11 million. During the same period last year, the firm earned $0.76 earnings per share. Plantronics’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities research analysts anticipate that Plantronics, Inc. will post $2.88 earnings per share for the current fiscal year.

Plantronics declared that its board has authorized a share buyback program on Thursday, July 27th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

The company also recently announced 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 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend was Wednesday, August 16th. Plantronics’s dividend payout ratio (DPR) is currently 24.29%.

About Plantronics

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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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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