Brokerages Anticipate Plantronics, Inc. (PLT) Will Announce Earnings of $0.66 Per Share
Equities analysts expect that Plantronics, Inc. (NYSE:PLT) will report earnings per share (EPS) of $0.66 for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Plantronics’ earnings, with the lowest EPS estimate coming in at $0.64 and the highest estimate coming in at $0.68. Plantronics reported earnings per share of $0.82 during the same quarter last year, which would suggest a negative year-over-year growth rate of 19.5%. The company is scheduled to report its next quarterly earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Plantronics will report full year earnings of $2.97 per share for the current fiscal year, with EPS estimates ranging from $2.85 to $3.01. For the next year, analysts expect that the business will post earnings of $3.36 per share, with EPS estimates ranging from $3.20 to $3.54. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Plantronics.
Plantronics (NYSE:PLT) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.05). Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The firm had revenue of $203.90 million for the quarter, compared to analyst estimates of $217.11 million. During the same period in the previous year, the business posted $0.76 EPS. Plantronics’s revenue for the quarter was down 8.6% on a year-over-year basis.
PLT has been the subject of a number of research reports. BidaskClub cut Plantronics from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Zacks Investment Research raised Plantronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Northland Securities set a $57.00 price target on Plantronics and gave the company a “buy” rating in a report on Tuesday, July 25th. J P Morgan Chase & Co lowered Plantronics from an “overweight” rating to a “neutral” rating and cut their price target for the company from $63.00 to $60.00 in a report on Friday, July 28th. Finally, TheStreet cut Plantronics from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $58.25.
A number of institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd acquired a new stake in Plantronics in the 2nd quarter valued at $951,000. WINTON GROUP Ltd lifted its position in Plantronics by 55.9% during the 2nd quarter. WINTON GROUP Ltd now owns 16,469 shares of the technology company’s stock worth $861,000 after buying an additional 5,904 shares in the last quarter. Koch Industries Inc. lifted its position in Plantronics by 6,554.8% during the 2nd quarter. Koch Industries Inc. now owns 248,691 shares of the technology company’s stock worth $244,000 after buying an additional 244,954 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Plantronics by 1.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 73,430 shares of the technology company’s stock worth $3,841,000 after buying an additional 924 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Plantronics by 9.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 282,324 shares of the technology company’s stock worth $14,768,000 after buying an additional 24,094 shares in the last quarter. 91.19% of the stock is owned by institutional investors and hedge funds.
Shares of Plantronics (NYSE:PLT) opened at 45.08 on Wednesday. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 18.33 and a beta of 1.28. Plantronics has a one year low of $41.28 and a one year high of $58.27. The stock’s 50 day moving average price is $42.92 and its 200 day moving average price is $50.09.
Plantronics declared that its Board of Directors has approved a stock buyback program on Thursday, July 27th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were issued a $0.15 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.33%. Plantronics’s dividend payout ratio (DPR) is presently 24.29%.
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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