Plantronics, Inc. (NYSE:PLT) Given Average Rating of “Buy” by Analysts
Shares of Plantronics, Inc. (NYSE:PLT) have received an average rating of “Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $62.00.
Several research analysts have recently weighed in on PLT shares. BidaskClub cut Plantronics from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Zacks Investment Research cut Plantronics from a “hold” rating to a “sell” rating in a research report on Saturday, May 6th. J P Morgan Chase & Co raised Plantronics from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $59.00 to $63.00 in a research report on Thursday, June 1st. Finally, Northland Securities reaffirmed a “buy” rating and set a $60.00 price objective on shares of Plantronics in a research report on Tuesday.
Shares of Plantronics (PLT) traded up 1.59% during midday trading on Tuesday, reaching $54.80. The company had a trading volume of 215,445 shares. The firm has a market cap of $1.77 billion, a P/E ratio of 21.83 and a beta of 1.30. The company’s 50-day moving average is $53.49 and its 200-day moving average is $53.95. Plantronics has a 52-week low of $44.33 and a 52-week high of $58.27.
Plantronics (NYSE:PLT) last posted its earnings results on Monday, May 1st. The technology company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.10. Plantronics had a return on equity of 23.25% and a net margin of 9.37%. The firm had revenue of $208.95 million during the quarter, compared to analysts’ expectations of $217.11 million. During the same period in the previous year, the firm earned $0.64 earnings per share. The company’s revenue was down .4% on a year-over-year basis. Equities research analysts expect that Plantronics will post $3.28 EPS for the current fiscal year.
In related news, Director Marvin Tseu sold 3,546 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $54.50, for a total transaction of $193,257.00. Following the sale, the director now owns 20,084 shares of the company’s stock, valued at $1,094,578. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brian S. Dexheimer sold 3,189 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $56.03, for a total value of $178,679.67. Following the sale, the director now directly owns 18,334 shares in the company, valued at approximately $1,027,254.02. The disclosure for this sale can be found here. Insiders sold 9,775 shares of company stock worth $533,593 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.
A number of large investors have recently modified their holdings of PLT. BlackRock Inc. increased its stake 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. Norges Bank purchased a new stake in shares of Plantronics during the fourth quarter valued at approximately $24,254,000. Nuveen Asset Management LLC increased its stake 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. Vanguard Group Inc. increased its stake 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. Finally, State Street Corp increased its stake 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. 90.95% of the stock is currently owned by institutional investors and hedge funds.
Plantronics Company Profile
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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