Plantronics, Inc. (PLT) Issues Q3 Earnings Guidance
Plantronics, Inc. (NYSE:PLT) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.75-0.85 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.71. The company issued revenue guidance of $215-225 million, compared to the consensus revenue estimate of $223.45 million.
A number of brokerages have weighed in on PLT. Northland Securities set a $57.00 price objective on Plantronics and gave the company a buy rating in a research note on Tuesday, July 25th. J P Morgan Chase & Co lowered Plantronics from an overweight rating to a neutral rating and lowered their price objective for the company from $63.00 to $60.00 in a research note on Friday, July 28th. Zacks Investment Research upgraded Plantronics from a strong sell rating to a hold rating in a research note on Tuesday, July 4th. BidaskClub lowered Plantronics from a sell rating to a strong sell rating in a research note on Wednesday, July 12th. Finally, TheStreet lowered Plantronics from a b- rating to a c+ rating in a research note on Monday, August 21st. One 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’s stock. The company presently has a consensus rating of Hold and a consensus target price of $60.00.
Shares of Plantronics, Inc. (NYSE:PLT) traded up 0.27% during midday trading on Tuesday, reaching $45.36. The company’s stock had a trading volume of 319,658 shares. The stock has a market capitalization of $1.47 billion, a P/E ratio of 18.44 and a beta of 1.28. The stock’s 50-day moving average is $44.49 and its 200 day moving average is $49.02. Plantronics, Inc. has a 12 month low of $41.28 and a 12 month high of $58.27.
Plantronics declared that its board has authorized a stock repurchase 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. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
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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