Bank of New York Mellon Corp cut its stake in Plantronics Inc (NYSE:PLT) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 761,536 shares of the technology company’s stock after selling 27,297 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.30% of Plantronics worth $38,365,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in PLT. First Trust Advisors LP lifted its holdings in Plantronics by 49.7% in the third quarter. First Trust Advisors LP now owns 21,240 shares of the technology company’s stock valued at $939,000 after acquiring an additional 7,047 shares during the period. Aperio Group LLC lifted its holdings in Plantronics by 67.0% in the third quarter. Aperio Group LLC now owns 17,485 shares of the technology company’s stock valued at $773,000 after acquiring an additional 7,017 shares during the period. Bessemer Group Inc. lifted its holdings in Plantronics by 25.9% in the third quarter. Bessemer Group Inc. now owns 38,400 shares of the technology company’s stock valued at $1,698,000 after acquiring an additional 7,900 shares during the period. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Plantronics by 27.9% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 60,944 shares of the technology company’s stock valued at $2,695,000 after acquiring an additional 13,310 shares during the period. Finally, Rhumbline Advisers lifted its holdings in Plantronics by 11.2% in the third quarter. Rhumbline Advisers now owns 83,192 shares of the technology company’s stock valued at $3,679,000 after acquiring an additional 8,390 shares during the period. 94.12% of the stock is owned by institutional investors.
In other news, insider Shantanu Sarkar sold 1,151 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $57.82, for a total transaction of $66,550.82. Following the completion of the transaction, the insider now directly owns 17,564 shares of the company’s stock, valued at approximately $1,015,550.48. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph B. Burton sold 5,117 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $57.51, for a total value of $294,278.67. Following the transaction, the chief executive officer now directly owns 89,685 shares of the company’s stock, valued at $5,157,784.35. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,799 shares of company stock valued at $508,823. Corporate insiders own 3.20% of the company’s stock.
Plantronics (NYSE:PLT) last announced its earnings results on Tuesday, January 30th. The technology company reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.23. The business had revenue of $226.50 million during the quarter, compared to the consensus estimate of $220.17 million. Plantronics had a return on equity of 22.22% and a net margin of 1.03%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 EPS. research analysts anticipate that Plantronics Inc will post 2.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, February 16th. Plantronics’s payout ratio is 25.21%.
A number of brokerages have issued reports on PLT. Sidoti downgraded Plantronics from a “buy” rating to a “neutral” rating and set a $60.00 price target for the company. in a report on Thursday, February 1st. Roth Capital boosted their price target on Plantronics from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. TheStreet downgraded Plantronics from a “b” rating to a “c” rating in a report on Friday, February 2nd. Finally, Northland Securities set a $60.00 target price on Plantronics and gave the stock a “buy” rating in a research note on Friday, January 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Plantronics currently has a consensus rating of “Hold” and an average price target of $60.00.
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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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