Plantronics, Inc. (PLT) Releases Q2 Earnings Guidance
Plantronics, Inc. (NYSE:PLT) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.61-0.71 for the period, compared to the Thomson Reuters consensus estimate of $0.82. The company issued revenue guidance of $200-210 million, compared to the consensus revenue estimate of $217.38 million.
A number of research firms have recently weighed in on PLT. J P Morgan Chase & Co cut Plantronics to a hold rating and set a $60.00 price objective on the stock. in a research report on Friday. Zacks Investment Research downgraded Plantronics from a hold rating to a sell rating in a research note on Saturday, May 6th. Northland Securities reissued a buy rating and set a $60.00 target price on shares of Plantronics in a research note on Tuesday. Finally, BidaskClub downgraded Plantronics from a sell rating to a strong sell rating in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $59.00.
Shares of Plantronics, Inc. (NYSE:PLT) opened at 53.65 on Friday. The company has a market cap of $1.73 billion, a P/E ratio of 21.37 and a beta of 1.30. Plantronics, Inc. has a 1-year low of $44.33 and a 1-year high of $58.27. The firm has a 50-day moving average price of $53.36 and a 200-day moving average price of $53.94.
Plantronics (NYSE:PLT) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by $0.05. The business had revenue of $203.90 million for the quarter, compared to analysts’ expectations of $217.11 million. Plantronics had a return on equity of 23.25% and a net margin of 9.37%. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share. On average, equities analysts expect that Plantronics, Inc. will post $3.28 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.12%. Plantronics’s dividend payout ratio (DPR) is 23.81%.
In other news, Director Marshall Mohr sold 3,000 shares of Plantronics stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $53.14, for a total transaction of $159,420.00. Following the sale, the director now owns 22,384 shares in the company, valued at $1,189,485.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marvin Tseu sold 3,546 shares of Plantronics stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $54.50, for a total value of $193,257.00. Following the sale, the director now 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 quarter. Insiders own 3.20% of the company’s stock.
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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