Plantronics (NYSE:PLT) announced that its Board of Directors has initiated a stock repurchase plan, which allows the company to buyback 1,000,000 outstanding shares on Thursday, November 29th. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
NYSE:PLT opened at $46.58 on Friday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.29 and a current ratio of 1.57. Plantronics has a 1 year low of $41.99 and a 1 year high of $82.28. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 16.11 and a beta of 1.09.
Plantronics (NYSE:PLT) last released its quarterly earnings data on Tuesday, November 6th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($1.05). Plantronics had a positive return on equity of 20.46% and a negative net margin of 9.75%. The firm had revenue of $483.07 million during the quarter, compared to the consensus estimate of $506.32 million. During the same period in the previous year, the firm earned $0.59 EPS. The business’s revenue was up 129.7% compared to the same quarter last year. On average, equities analysts expect that Plantronics will post 1.87 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Tuesday, November 20th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend is Monday, November 19th. Plantronics’s payout ratio is 22.14%.
A number of analysts have issued reports on PLT shares. Zacks Investment Research downgraded Plantronics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 14th. Sidoti raised Plantronics from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 8th. They noted that the move was a valuation call. ValuEngine downgraded Plantronics from a “buy” rating to a “hold” rating in a research note on Monday, November 12th. Finally, TheStreet downgraded Plantronics from a “b-” rating to a “c+” rating in a research note on Friday, September 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $68.00.
In other news, CEO Joseph B. Burton sold 4,727 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $59.45, for a total transaction of $281,020.15. Following the transaction, the chief executive officer now owns 123,599 shares of the company’s stock, valued at approximately $7,347,960.55. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 4,820 shares of company stock worth $286,736. Corporate insiders own 1.70% of the company’s stock.
Plantronics Company Profile
Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.
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