Plantronics (NYSE:PLT) Posts Earnings Results, Beats Expectations By $0.18 EPS

Plantronics (NYSE:PLT) issued its quarterly earnings data on Tuesday. The technology company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.18, reports. The firm had revenue of $461.71 million during the quarter, compared to analysts’ expectations of $478.38 million. Plantronics had a positive return on equity of 23.82% and a negative net margin of 7.13%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 EPS. Plantronics updated its Q3 guidance to $0.01-0.31 EPS and its FY20 guidance to $2.94-3.74 EPS.

NYSE:PLT traded up $0.68 during mid-day trading on Friday, hitting $25.46. 46,579 shares of the company’s stock traded hands, compared to its average volume of 308,789. The company has a fifty day moving average of $36.62 and a 200 day moving average of $38.33. Plantronics has a twelve month low of $23.14 and a twelve month high of $62.97. The company has a market capitalization of $1.56 billion, a P/E ratio of 6.37 and a beta of 1.54. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.36%. The ex-dividend date is Tuesday, November 19th. Plantronics’s dividend payout ratio is currently 15.00%.

In related news, CEO Joseph B. Burton sold 5,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $33.00, for a total transaction of $165,000.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.70% of the company’s stock.

A number of brokerages recently weighed in on PLT. Morgan Stanley began coverage on Plantronics in a research note on Thursday, September 19th. They set an “overweight” rating and a $58.00 price objective for the company. Zacks Investment Research raised Plantronics from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Northland Securities lowered Plantronics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $70.00 to $35.00 in a research report on Wednesday. Finally, Cowen set a $61.00 target price on Plantronics and gave the company a “buy” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $55.33.

Plantronics Company Profile

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.

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Earnings History for Plantronics (NYSE:PLT)

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