Zacks Investment Research upgraded shares of Plantronics, Inc. (NYSE:PLT) from a sell rating to a hold rating in a research note released on Tuesday.

According to Zacks, “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. The Company develops communication products for offices and contact centers, mobile devices, cordless phones, and computers and gaming consoles. Its product categories include Enterprise, which includes corded and cordless communication headsets, audio processors, and telephone systems, and Consumer, which includes Bluetooth and corded products for mobile device applications, personal computer (PC) and gaming headsets, and specialty products marketed for hearing impaired individuals. It offers its products under two brands: Plantronics and Clarity. “

Several other research firms have also weighed in on PLT. TheStreet lowered shares of Plantronics from a b- rating to a c+ rating in a report on Monday, August 21st. J P Morgan Chase & Co lowered shares of Plantronics from an overweight rating to a neutral rating and cut their target price for the stock from $63.00 to $60.00 in a report on Friday, July 28th. BidaskClub lowered shares of Plantronics from a hold rating to a sell rating in a report on Wednesday, June 21st. Finally, Northland Securities set a $57.00 target price on shares of Plantronics and gave the stock a buy rating in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Plantronics has an average rating of Hold and a consensus target price of $60.00.

Plantronics (NYSE:PLT) opened at 44.57 on Tuesday. Plantronics has a 12-month low of $41.28 and a 12-month high of $58.27. The company has a market cap of $1.45 billion, a PE ratio of 18.12 and a beta of 1.28. The firm has a 50 day moving average price of $43.10 and a 200 day moving average price of $49.95.

Plantronics (NYSE:PLT) last announced 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 during the quarter, compared to analyst estimates of $217.11 million. During the same quarter in the prior year, the company earned $0.76 earnings per share. The company’s quarterly revenue was down 8.6% on a year-over-year basis. On average, analysts anticipate that Plantronics will post $2.88 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $0.60 annualized dividend and a yield of 1.35%. Plantronics’s dividend payout ratio (DPR) is presently 24.29%.

Plantronics announced that its board has authorized a stock buyback program on Thursday, July 27th that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Neuberger Berman Group LLC raised its holdings in Plantronics by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock worth $201,000 after purchasing an additional 31 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in 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 worth $255,000 after purchasing an additional 33 shares during the period. Northwestern Mutual Investment Management Company LLC raised its holdings in 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 worth $253,000 after purchasing an additional 34 shares during the period. Meeder Asset Management Inc. raised its holdings in Plantronics by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 14,054 shares of the technology company’s stock worth $735,000 after purchasing an additional 79 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its holdings in 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 worth $838,000 after purchasing an additional 84 shares during the period. Institutional investors own 91.19% of the company’s stock.

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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