Raymond James Downgrades Plantronics to Market Perform (PLT)
Plantronics (NYSE:PLT) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. They currently have a $52.00 target price on the stock. Raymond James’ target price would suggest a potential upside of 21.04% from the stock’s previous close.
Shares of Plantronics (NYSE:PLT) opened at 42.96 on Wednesday. Plantronics has a 52 week low of $30.90 and a 52 week high of $49.84. The stock has a 50-day moving average of $46.76 and a 200-day moving average of $45.66. The company has a market cap of $1.834 billion and a P/E ratio of 16.78.
Plantronics (NYSE:PLT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by $0.01. The company had revenue of $194.00 million for the quarter, compared to the consensus estimate of $195.80 million. During the same quarter in the previous year, the company posted $0.70 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Analysts expect that Plantronics will post $2.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Monday, November 18th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Northland Securities raised their price target on shares of Plantronics from $51.00 to $53.00 in a research note to investors on Tuesday, October 15th. Separately, analysts at Northland Capital Partners raised their price target on shares of Plantronics from $51.00 to $53.00 in a research note to investors on Tuesday, October 15th. They now have an “outperform” rating on the stock. Finally, analysts at Deutsche Bank initiated coverage on shares of Plantronics in a research note to investors on Monday, October 14th. They set a “buy” rating and a $60.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Plantronics has a consensus rating of “Buy” and a consensus price target of $51.36.
Plantronics, Inc is a designer, manufacturer and marketer of lightweight communications headsets, telephone headset systems and accessories for the worldwide business and consumer markets under the Plantronics brand.
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