Analysts Anticipate Plantronics, Inc. (PLT) Will Post Quarterly Sales of $217.24 Million
Wall Street analysts expect Plantronics, Inc. (NYSE:PLT) to announce sales of $217.24 million for the current quarter, Zacks reports. Four analysts have provided estimates for Plantronics’ earnings. The highest sales estimate is $219.50 million and the lowest is $215.58 million. Plantronics posted sales of $223.11 million during the same quarter last year, which suggests a negative year-over-year growth rate of 2.6%. The firm is expected to report its next earnings report after the market closes on Thursday, July 27th.
On average, analysts expect that Plantronics will report full-year sales of $217.24 million for the current fiscal year, with estimates ranging from $866.31 million to $892.15 million. For the next fiscal year, analysts anticipate that the business will post sales of $910.14 million per share, with estimates ranging from $885.87 million to $934.42 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Plantronics.
Plantronics (NYSE:PLT) last released its quarterly earnings results on Monday, May 1st. The technology company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.71 by $0.10. Plantronics had a return on equity of 23.25% and a net margin of 9.37%. The business had revenue of $208.95 million during the quarter, compared to analyst estimates of $217.11 million. During the same period last year, the business posted $0.64 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis.
PLT has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Plantronics from a “sell” rating to a “hold” rating in a report on Friday, March 31st. J P Morgan Chase & Co raised shares of Plantronics from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $59.00 to $63.00 in a research report on Thursday, June 1st. Finally, BidaskClub cut shares of Plantronics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Plantronics presently has an average rating of “Hold” and a consensus price target of $59.67.
In other news, Director Brian S. Dexheimer sold 3,189 shares of the stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $56.03, for a total transaction of $178,679.67. Following the transaction, the director now owns 18,334 shares of the company’s stock, valued at $1,027,254.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marvin Tseu sold 3,546 shares of the stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $54.50, for a total transaction of $193,257.00. Following the transaction, the director now directly owns 20,084 shares in the company, valued at approximately $1,094,578. The disclosure for this sale can be found here. Insiders have sold 9,775 shares of company stock worth $533,593 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Several institutional investors have recently modified their holdings of PLT. BlackRock Inc. boosted its position in shares of Plantronics by 23,139.5% in the first quarter. BlackRock Inc. now owns 3,456,643 shares of the technology company’s stock valued at $187,037,000 after buying an additional 3,441,769 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Plantronics by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock valued at $147,622,000 after buying an additional 107,289 shares during the last quarter. State Street Corp boosted its position in shares of Plantronics by 9.0% in the first quarter. State Street Corp now owns 1,182,582 shares of the technology company’s stock valued at $63,989,000 after buying an additional 97,473 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Plantronics by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 780,531 shares of the technology company’s stock valued at $42,235,000 after buying an additional 59,080 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of Plantronics by 63.1% in the first quarter. Nuveen Asset Management LLC now owns 642,534 shares of the technology company’s stock valued at $34,768,000 after buying an additional 248,549 shares during the last quarter. 90.98% of the stock is currently owned by institutional investors and hedge funds.
Plantronics (NYSE:PLT) traded down 1.97% on Friday, hitting $53.32. The stock had a trading volume of 145,391 shares. Plantronics has a one year low of $44.33 and a one year high of $58.27. The company’s 50-day moving average price is $53.57 and its 200 day moving average price is $53.99. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 21.24 and a beta of 1.30.
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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