Plexus Corp. (PLXS) Lowered to “Hold” at Zacks Investment Research
Plexus Corp. (NASDAQ:PLXS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Plexus is expected to benefit from its new program wins especially in the Industrial/Commercial. For the current quarter, management expects revenues in the industrial & commercial sector to grow in high single digits range due to new program wins. Plexus is also seeing strength in its Defense/Security/Aerospace business. Plexus has won new programs in Americas and APAC regions though that in the EMEA region remained soft. Additionally, the consolidation of the company’s production facilities in low-cost areas is expected to boost margins, going forward. However, weakness in the Networking/Communications market and intense competition from peers remain a concern.”
PLXS has been the subject of several other reports. B. Riley reaffirmed a “neutral” rating and issued a $50.00 price target on shares of Plexus Corp. in a report on Sunday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price target on shares of Plexus Corp. in a report on Tuesday, June 7th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $46.00 price target on shares of Plexus Corp. in a report on Friday, June 10th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Plexus Corp. currently has a consensus rating of “Hold” and an average target price of $48.17.
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Shares of Plexus Corp. (NASDAQ:PLXS) traded up 0.43% on Wednesday, reaching $46.24. 113,546 shares of the company’s stock traded hands. Plexus Corp. has a 52 week low of $28.72 and a 52 week high of $47.34. The company has a 50 day moving average price of $46.22 and a 200 day moving average price of $43.06. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 19.50 and a beta of 1.23.
Plexus Corp. (NASDAQ:PLXS) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.05. Plexus Corp. had a net margin of 3.16% and a return on equity of 9.95%. The business earned $667.60 million during the quarter, compared to analyst estimates of $655.37 million. During the same period in the previous year, the business posted $0.69 EPS. The company’s quarterly revenue was down .3% on a year-over-year basis. On average, equities research analysts predict that Plexus Corp. will post $2.64 earnings per share for the current fiscal year.
In other Plexus Corp. news, insider Ronnie Darroch sold 1,097 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $46.54, for a total transaction of $51,054.38. Following the sale, the insider now directly owns 722 shares in the company, valued at approximately $33,601.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Angelo Michael Ninivaggi, Jr. sold 2,250 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $45.94, for a total transaction of $103,365.00. Following the sale, the chief accounting officer now owns 11,837 shares in the company, valued at $543,791.78. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Artemis Investment Management LLP bought a new stake in Plexus Corp. during the second quarter worth approximately $15,547,000. Norges Bank bought a new stake in Plexus Corp. during the fourth quarter worth approximately $11,523,000. Emerald Acquisition Ltd. bought a new stake in Plexus Corp. during the second quarter worth approximately $10,215,000. Dimensional Fund Advisors LP increased its stake in Plexus Corp. by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,261,023 shares of the company’s stock worth $97,675,000 after buying an additional 223,933 shares during the period. Finally, Numeric Investors LLC bought a new stake in Plexus Corp. during the second quarter worth approximately $7,917,000. Institutional investors own 92.97% of the company’s stock.
About Plexus Corp.
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. Plexus 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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