QS Investors LLC lessened its stake in shares of Plexus Corp. (NASDAQ:PLXS) by 3.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,434 shares of the technology company’s stock after selling 3,756 shares during the quarter. QS Investors LLC owned approximately 0.28% of Plexus worth $5,795,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allianz Asset Management GmbH boosted its position in Plexus by 45.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 63,817 shares of the technology company’s stock valued at $3,579,000 after acquiring an additional 20,010 shares in the last quarter. Legal & General Group Plc boosted its position in Plexus by 3.9% during the 3rd quarter. Legal & General Group Plc now owns 83,876 shares of the technology company’s stock valued at $4,705,000 after acquiring an additional 3,140 shares in the last quarter. Wells Fargo & Company MN boosted its position in Plexus by 56.9% during the 3rd quarter. Wells Fargo & Company MN now owns 54,479 shares of the technology company’s stock valued at $3,054,000 after acquiring an additional 19,746 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Plexus during the 3rd quarter valued at $514,000. Finally, Pinebridge Investments L.P. boosted its position in Plexus by 31.0% during the 4th quarter. Pinebridge Investments L.P. now owns 55,478 shares of the technology company’s stock valued at $3,368,000 after acquiring an additional 13,115 shares in the last quarter. 97.01% of the stock is currently owned by institutional investors and hedge funds.
PLXS has been the topic of several recent research reports. TheStreet cut Plexus from an “a-” rating to a “c+” rating in a research report on Wednesday, January 17th. BidaskClub cut Plexus from a “hold” rating to a “sell” rating in a research report on Saturday, December 16th. Longbow Research raised Plexus from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. Finally, ValuEngine raised Plexus from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $58.40.
Plexus (NASDAQ:PLXS) last posted its quarterly earnings data on Wednesday, January 17th. The technology company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.80 by ($0.05). The business had revenue of $677.00 million during the quarter, compared to analyst estimates of $685.07 million. Plexus had a positive return on equity of 11.24% and a negative net margin of 0.57%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 EPS. research analysts expect that Plexus Corp. will post 3.25 earnings per share for the current fiscal year.
Plexus declared that its Board of Directors has initiated a share buyback program on Tuesday, February 20th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, CEO Todd P. Kelsey sold 6,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $60.90, for a total value of $395,850.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen P. Cortinovis sold 6,250 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $61.30, for a total value of $383,125.00. Following the completion of the sale, the director now directly owns 31,322 shares of the company’s stock, valued at approximately $1,920,038.60. 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 in the last three months. Insiders own 3.70% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: This piece was first posted by American Banking News and is the sole property of of American Banking News. If you are viewing this piece on another domain, it was illegally stolen and reposted in violation of US & international copyright legislation. The original version of this piece can be accessed at https://www.americanbankingnews.com/2018/03/14/qs-investors-llc-sells-3756-shares-of-plexus-corp-plxs.html.
Plexus Company Profile
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.
Receive News & Ratings for Plexus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plexus and related companies with MarketBeat.com's FREE daily email newsletter.