Plexus Corp. (PLXS) Stock Rating Lowered by Zacks Investment Research
Plexus Corp. (NASDAQ:PLXS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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.”
A number of other equities analysts have also weighed in on PLXS. B. Riley lowered shares of Plexus Corp. to a “neutral” rating and set a $50.00 target price for the company. in a research note on Wednesday, July 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 target price on shares of Plexus Corp. in a research note on Tuesday, June 7th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $46.00 target price on shares of Plexus Corp. in a research note on Friday, June 10th. Finally, Citigroup Inc. upped their target price on shares of Plexus Corp. from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, June 9th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $48.17.
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Shares of Plexus Corp. (NASDAQ:PLXS) traded up 0.59% on Wednesday, reaching $46.31. The company had a trading volume of 114,668 shares. Plexus Corp. has a 52-week low of $28.72 and a 52-week high of $47.34. The firm has a market capitalization of $1.55 billion, a PE ratio of 19.53 and a beta of 1.23. The company has a 50-day moving average price of $46.22 and a 200-day moving average price of $43.06.
Plexus Corp. (NASDAQ:PLXS) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the 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 company earned $667.60 million during the quarter, compared to analyst estimates of $655.37 million. During the same quarter in the previous year, the business earned $0.69 EPS. The firm’s revenue was down .3% on a year-over-year basis. Equities research analysts forecast that Plexus Corp. will post $2.64 EPS for the current fiscal year.
In other news, VP Todd P. Kelsey sold 2,000 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $45.78, for a total value of $91,560.00. Following the sale, the vice president now directly owns 44,162 shares of the company’s stock, valued at approximately $2,021,736.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Yong Jin Lim sold 5,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $46.49, for a total transaction of $232,450.00. Following the completion of the sale, the insider now directly owns 50,000 shares in the company, valued at $2,324,500. The disclosure for this sale can be found here. Insiders own 5.30% of the company’s stock.
Large investors have recently modified their holdings of the stock. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Plexus Corp. by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 840,885 shares of the company’s stock worth $33,232,000 after buying an additional 4,445 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Plexus Corp. by 29.0% in the first quarter. TIAA CREF Investment Management LLC now owns 142,198 shares of the company’s stock valued at $5,620,000 after buying an additional 31,985 shares in the last quarter. BlackRock Group LTD boosted its position in Plexus Corp. by 6.7% in the first quarter. BlackRock Group LTD now owns 47,025 shares of the company’s stock valued at $1,858,000 after buying an additional 2,973 shares in the last quarter. Bayesian Capital Management LP bought a new position in Plexus Corp. during the first quarter valued at $216,000. Finally, Swiss National Bank boosted its position in Plexus Corp. by 1.4% in the second quarter. Swiss National Bank now owns 56,200 shares of the company’s stock valued at $2,428,000 after buying an additional 800 shares in the last quarter. 92.97% of the stock is currently owned by institutional investors.
Plexus Corp. Company Profile
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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