Plantronics (NYSE:PLT) Trading Up 7.1%

Plantronics Inc (NYSE:PLT) was up 7.1% during mid-day trading on Wednesday . The stock traded as high as $36.32 and last traded at $36.28, approximately 490,100 shares were traded during trading. An increase of 5% from the average daily volume of 468,975 shares. The stock had previously closed at $33.88.

A number of research analysts recently issued reports on the stock. Sidoti set a $83.00 target price on shares of Plantronics and gave the company a “buy” rating in a research note on Wednesday, June 19th. Cowen set a $61.00 target price on shares of Plantronics and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Zacks Investment Research cut shares of Plantronics from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Finally, Evercore ISI started coverage on shares of Plantronics in a report on Thursday, June 27th. They set an “outperform” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Plantronics currently has an average rating of “Buy” and a consensus target price of $64.80.

The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.99 and a current ratio of 1.37. The company has a 50-day simple moving average of $31.63 and a 200 day simple moving average of $41.98. The company has a market capitalization of $1.31 billion, a P/E ratio of 9.07 and a beta of 1.51.



Plantronics (NYSE:PLT) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Plantronics had a positive return on equity of 21.22% and a negative net margin of 10.25%. The company had revenue of $447.77 million during the quarter, compared to analyst estimates of $490.49 million. During the same period in the previous year, the company earned $0.74 earnings per share. The company’s quarterly revenue was up 102.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Plantronics Inc will post 4.57 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, August 20th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Monday, August 19th. Plantronics’s payout ratio is currently 15.00%.

In other Plantronics news, CEO Joseph B. Burton sold 5,000 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.00, for a total value of $165,000.00. Following the completion of the sale, the chief executive officer now directly owns 156,960 shares of the company’s stock, valued at approximately $5,179,680. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.70% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Deprince Race & Zollo Inc. lifted its position in shares of Plantronics by 82.6% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 845,409 shares of the technology company’s stock worth $31,314,000 after acquiring an additional 382,316 shares during the period. Morgan Stanley increased its position in shares of Plantronics by 992.6% during the second quarter. Morgan Stanley now owns 202,468 shares of the technology company’s stock valued at $7,499,000 after purchasing an additional 183,938 shares during the period. Kennedy Capital Management Inc. raised its stake in shares of Plantronics by 52.3% in the first quarter. Kennedy Capital Management Inc. now owns 442,940 shares of the technology company’s stock valued at $20,424,000 after purchasing an additional 152,145 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new position in shares of Plantronics in the second quarter valued at $5,377,000. Finally, Keeley Teton Advisors LLC raised its stake in shares of Plantronics by 407.6% in the second quarter. Keeley Teton Advisors LLC now owns 140,304 shares of the technology company’s stock valued at $5,197,000 after purchasing an additional 112,666 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

About Plantronics (NYSE:PLT)

Plantronics, Inc designs, manufactures, and markets integrated communications and collaborations solutions for consumers and businesses worldwide. The company offers its communications and collaboration solutions for voice, video, and content sharing, as well as a line of support and services for the workplace under the Polycom brand.

See Also: Gross Domestic Product (GDP)

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