OppenheimerFunds Inc. trimmed its holdings in shares of Plexus Corp. (NASDAQ:PLXS) by 16.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,450 shares of the technology company’s stock after selling 5,482 shares during the period. OppenheimerFunds Inc. owned about 0.08% of Plexus worth $1,667,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Sawgrass Asset Management LLC raised its stake in shares of Plexus by 44.2% during the 4th quarter. Sawgrass Asset Management LLC now owns 6,200 shares of the technology company’s stock worth $376,000 after buying an additional 1,900 shares in the last quarter. BlackRock Inc. raised its stake in shares of Plexus by 2.6% during the 4th quarter. BlackRock Inc. now owns 4,313,584 shares of the technology company’s stock worth $261,921,000 after buying an additional 107,433 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Plexus by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 579,800 shares of the technology company’s stock worth $35,206,000 after buying an additional 2,228 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Plexus by 14.5% during the 4th quarter. Rhumbline Advisers now owns 84,409 shares of the technology company’s stock worth $5,125,000 after buying an additional 10,711 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Plexus by 223.7% during the 4th quarter. Arizona State Retirement System now owns 56,448 shares of the technology company’s stock worth $3,428,000 after buying an additional 39,009 shares in the last quarter. 97.01% of the stock is owned by institutional investors and hedge funds.
PLXS has been the subject of several research analyst reports. TheStreet downgraded Plexus from an “a-” rating to a “c+” rating in a research note on Wednesday, January 17th. BidaskClub downgraded Plexus from a “hold” rating to a “sell” rating in a research note on Saturday, December 16th. Longbow Research raised Plexus from a “neutral” rating to a “buy” rating in a research note on Monday, January 8th. Finally, ValuEngine raised Plexus from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Plexus has a consensus rating of “Hold” and a consensus target price of $58.40.
Plexus (NASDAQ:PLXS) last released its quarterly earnings data on Wednesday, January 17th. The technology company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.05). Plexus had a negative net margin of 0.57% and a positive return on equity of 11.24%. The firm had revenue of $677.00 million during the quarter, compared to analysts’ expectations of $685.07 million. During the same period in the previous year, the business earned $0.82 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. equities analysts predict that Plexus Corp. will post 3.25 earnings per share for the current fiscal year.
Plexus announced that its Board of Directors has approved a share repurchase plan on Tuesday, February 20th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In other Plexus news, VP Ronnie Darroch sold 5,900 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $59.03, for a total transaction of $348,277.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Todd P. Kelsey sold 6,500 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $60.90, for a total value of $395,850.00. The disclosure for this sale can be found here. Insiders sold a total of 28,554 shares of company stock valued at $1,726,564 over the last ninety days. 3.70% of the stock is currently owned by company insiders.
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Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. The Company delivers end-to-end solutions for customers in the Americas (AMER), Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.
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