Plexus Corp. (PLXS) Sees Strong Trading Volume
Plexus Corp. (NASDAQ:PLXS) saw unusually-strong trading volume on Wednesday . Approximately 117,497 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 110,170 shares.The stock last traded at $46.37 and had previously closed at $46.04.
Several research firms recently issued reports on PLXS. Needham & Company LLC set a $52.00 target price on Plexus Corp. and gave the stock a “buy” rating in a research note on Friday, September 16th. B. Riley cut Plexus Corp. from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Friday, July 22nd. Citigroup Inc. raised their target price on Plexus Corp. from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, June 9th. Zacks Investment Research raised Plexus Corp. from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Friday, July 22nd. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $46.00 target price on shares of Plexus Corp. in a research note on Friday, June 10th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Plexus Corp. presently has an average rating of “Hold” and an average target price of $48.17.
The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 19.69 and a beta of 1.23. The firm’s 50 day moving average is $46.27 and its 200-day moving average is $43.09.
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Plexus Corp. (NASDAQ:PLXS) last announced its earnings results on Wednesday, July 20th. The company reported $0.82 earnings per share (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 had revenue of $667.60 million for the quarter, compared to analyst estimates of $655.37 million. During the same quarter last year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. Equities analysts anticipate that Plexus Corp. will post $2.64 earnings per share for the current year.
In other news, CAO Angelo Michael Ninivaggi, Jr. sold 2,250 shares of Plexus Corp. stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $45.94, for a total value 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Dean A. Foate sold 8,658 shares of Plexus Corp. stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $45.56, for a total transaction of $394,458.48. Following the completion of the sale, the chairman now owns 188,258 shares in the company, valued at approximately $8,577,034.48. The disclosure for this sale can be found here. 5.30% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in PLXS. PineBridge Investments L.P. raised its stake in shares of Plexus Corp. by 3.7% in the second quarter. PineBridge Investments L.P. now owns 4,229 shares of the company’s stock valued at $183,000 after buying an additional 152 shares during the period. Alliancebernstein L.P. raised its position in Plexus Corp. by 0.4% in the second quarter. Alliancebernstein L.P. now owns 52,152 shares of the company’s stock worth $2,253,000 after buying an additional 200 shares during the last quarter. Arizona State Retirement System raised its position in Plexus Corp. by 1.2% in the second quarter. Arizona State Retirement System now owns 17,339 shares of the company’s stock worth $749,000 after buying an additional 200 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Plexus Corp. by 3.8% in the second quarter. PNC Financial Services Group Inc. now owns 6,975 shares of the company’s stock worth $301,000 after buying an additional 254 shares during the last quarter. Finally, FMR LLC raised its position in Plexus Corp. by 1.1% in the second quarter. FMR LLC now owns 33,546 shares of the company’s stock worth $1,449,000 after buying an additional 369 shares during the last quarter. Institutional investors and hedge funds 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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