Plantronics Inc (NYSE:PLT)’s share price fell 1.5% on Thursday . The stock traded as low as $23.14 and last traded at $24.63, 44,015 shares traded hands during trading. A decline of 83% from the average session volume of 263,685 shares. The stock had previously closed at $25.00.
Several research firms recently weighed in on PLT. Cowen set a $61.00 price target on shares of Plantronics and gave the stock a “buy” rating in a report on Wednesday, August 7th. Morgan Stanley began coverage on shares of Plantronics in a report on Thursday, September 19th. They set an “overweight” rating and a $58.00 price target on the stock. Northland Securities cut shares of Plantronics from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $70.00 to $35.00 in a report on Wednesday. Finally, Zacks Investment Research upgraded shares of Plantronics from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $55.33.
The company has a debt-to-equity ratio of 2.45, a current ratio of 1.37 and a quick ratio of 0.99. The stock has a market capitalization of $1.56 billion, a PE ratio of 6.37 and a beta of 1.54. The stock’s 50 day simple moving average is $36.38 and its two-hundred day simple moving average is $38.20.
Plantronics (NYSE:PLT) last released its earnings results on Tuesday, November 5th. The technology company reported $1.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.18. The firm had revenue of $461.71 million for the quarter, compared to analysts’ expectations of $478.38 million. Plantronics had a negative net margin of 7.13% and a positive return on equity of 23.82%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.51 earnings per share. As a group, equities research analysts predict that Plantronics Inc will post 4.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 20th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, November 19th. Plantronics’s payout ratio is 15.00%.
In other Plantronics news, CEO Joseph B. Burton sold 5,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $33.00, for a total value of $165,000.00. Following the transaction, the chief executive officer now directly owns 156,960 shares in the company, valued at $5,179,680. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada raised its position in shares of Plantronics by 49.7% in the second quarter. Royal Bank of Canada now owns 1,370 shares of the technology company’s stock valued at $51,000 after purchasing an additional 455 shares during the period. First Mercantile Trust Co. increased its holdings in Plantronics by 25.8% during the 3rd quarter. First Mercantile Trust Co. now owns 1,502 shares of the technology company’s stock worth $56,000 after acquiring an additional 308 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Plantronics by 23.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,403 shares of the technology company’s stock worth $90,000 after acquiring an additional 452 shares during the period. Point72 Hong Kong Ltd increased its holdings 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 acquiring an additional 717 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in Plantronics by 88.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,230 shares of the technology company’s stock worth $120,000 after acquiring an additional 1,520 shares during the period. 99.50% of the stock is currently owned by institutional investors.
Plantronics Company Profile (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.
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