JPMorgan Chase & Co. Begins Coverage on Plantronics (NYSE:PLT)

JPMorgan Chase & Co. began coverage on shares of Plantronics (NYSE:PLT) in a research report released on Thursday, 24/7 WallStreet reports. The firm issued a neutral rating and a $33.00 target price on the technology company’s stock.

Other equities analysts have also issued reports about the stock. Morgan Stanley initiated coverage on shares of Plantronics in a report on Thursday, September 19th. They set an overweight rating and a $58.00 price objective on the stock. Cowen set a $61.00 price objective on shares of Plantronics and gave the stock a buy rating in a research note on Wednesday, August 7th. Zacks Investment Research upgraded Plantronics from a sell rating to a hold rating in a report on Wednesday, October 9th. Finally, Northland Securities assumed coverage on Plantronics in a research report on Friday, November 22nd. They set a hold rating and a $35.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $52.14.

NYSE:PLT opened at $23.92 on Thursday. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.38 and a quick ratio of 0.99. Plantronics has a 1-year low of $23.05 and a 1-year high of $53.92. The company has a 50-day moving average of $30.64 and a 200 day moving average of $34.94. The firm has a market cap of $954.79 million, a PE ratio of 5.98 and a beta of 1.40.

Plantronics (NYSE:PLT) last posted its earnings results on Tuesday, November 5th. The technology company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.18. Plantronics had a negative net margin of 7.13% and a positive return on equity of 24.27%. The business had revenue of $461.71 million for the quarter, compared to the consensus estimate of $478.38 million. During the same quarter last year, the firm posted $1.51 EPS. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. Sell-side analysts anticipate that Plantronics will post 1.87 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.60 dividend on an annualized basis and a yield of 2.51%. Plantronics’s dividend payout ratio is presently 15.00%.

In other news, Director Brian S. Dexheimer acquired 6,124 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were purchased at an average price of $24.88 per share, with a total value of $152,365.12. Following the transaction, the director now directly owns 59,536 shares in the company, valued at $1,481,255.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph B. Burton sold 5,000 shares of the business’s stock in a transaction that occurred on 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 owns 156,960 shares of the company’s stock, valued at approximately $5,179,680. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

A number of large investors have recently bought and sold shares of PLT. Royal Bank of Canada increased its position in shares of Plantronics by 49.7% during the second quarter. Royal Bank of Canada now owns 1,370 shares of the technology company’s stock worth $51,000 after purchasing an additional 455 shares in the last quarter. First Mercantile Trust Co. boosted its position in shares of Plantronics by 25.8% in the 3rd quarter. First Mercantile Trust Co. now owns 1,502 shares of the technology company’s stock worth $56,000 after purchasing an additional 308 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Plantronics by 23.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,403 shares of the technology company’s stock worth $90,000 after purchasing an additional 452 shares in the last quarter. Boston Partners purchased a new position in Plantronics during the 3rd quarter worth $90,000. Finally, Point72 Hong Kong Ltd grew its stake in Plantronics by 38.6% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,574 shares of the technology company’s stock worth $95,000 after buying an additional 717 shares during the last quarter. 99.87% of the stock is owned by institutional investors.

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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Analyst Recommendations for Plantronics (NYSE:PLT)

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