Plexus Corp. (PLXS) Raised to “Buy” at ValuEngine
ValuEngine upgraded shares of Plexus Corp. (NASDAQ:PLXS) from a hold rating to a buy rating in a research note released on Friday.
PLXS has been the topic of several other research reports. Stifel Nicolaus reaffirmed a hold rating and set a $54.00 price objective on shares of Plexus Corp. in a research note on Tuesday, September 12th. Citigroup Inc. raised their price objective on Plexus Corp. from $56.00 to $59.00 and gave the stock a neutral rating in a research note on Friday, July 21st. Zacks Investment Research raised Plexus Corp. from a sell rating to a hold rating in a research note on Wednesday, June 21st. J P Morgan Chase & Co raised Plexus Corp. from a neutral rating to an overweight rating and set a $62.00 price objective on the stock in a research note on Monday, August 28th. Finally, BidaskClub downgraded Plexus Corp. from a buy rating to a hold rating in a research note on Thursday, June 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. Plexus Corp. has an average rating of Hold and an average price target of $57.88.
Plexus Corp. (NASDAQ:PLXS) opened at 55.30 on Friday. The stock’s 50 day moving average price is $51.64 and its 200-day moving average price is $53.24. Plexus Corp. has a one year low of $44.35 and a one year high of $58.74. The stock has a market cap of $1.86 billion, a P/E ratio of 18.67 and a beta of 0.94.
Plexus Corp. (NASDAQ:PLXS) last issued its quarterly earnings data on Wednesday, July 19th. The technology company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.02. The business had revenue of $618.80 million for the quarter, compared to the consensus estimate of $608.95 million. Plexus Corp. had a return on equity of 10.76% and a net margin of 4.07%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS. On average, analysts predict that Plexus Corp. will post $3.22 earnings per share for the current year.
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In other Plexus Corp. news, CEO Todd P. Kelsey sold 11,250 shares of Plexus Corp. stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $55.09, for a total value of $619,762.50. Following the sale, the chief executive officer now owns 57,175 shares of the company’s stock, valued at approximately $3,149,770.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Angelo Michael Ninivaggi, Jr. sold 10,350 shares of Plexus Corp. stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $49.46, for a total value of $511,911.00. Following the completion of the sale, the chief accounting officer now directly owns 17,009 shares in the company, valued at approximately $841,265.14. The disclosure for this sale can be found here. Insiders sold a total of 90,580 shares of company stock worth $4,862,392 in the last three months. Company insiders own 4.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC raised its stake in shares of Plexus Corp. by 0.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,834 shares of the technology company’s stock valued at $202,000 after purchasing an additional 31 shares during the period. Amalgamated Bank raised its stake in shares of Plexus Corp. by 1.4% in the 2nd quarter. Amalgamated Bank now owns 4,582 shares of the technology company’s stock valued at $241,000 after purchasing an additional 65 shares during the period. Suntrust Banks Inc. raised its stake in shares of Plexus Corp. by 1.3% in the 2nd quarter. Suntrust Banks Inc. now owns 5,440 shares of the technology company’s stock valued at $285,000 after purchasing an additional 69 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Plexus Corp. by 1.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,228 shares of the technology company’s stock valued at $328,000 after purchasing an additional 92 shares during the period. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of Plexus Corp. by 1.2% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 12,950 shares of the technology company’s stock valued at $749,000 after purchasing an additional 150 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.
About Plexus Corp.
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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