Rhumbline Advisers trimmed its holdings in shares of Plantronics Inc (NYSE:PLT) by 1.4% during the 3rd quarter, Holdings Channel reports. The fund owned 108,411 shares of the technology company’s stock after selling 1,564 shares during the period. Rhumbline Advisers’ holdings in Plantronics were worth $4,046,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its holdings in Plantronics by 1.0% during the 2nd quarter. BlackRock Inc. now owns 3,912,560 shares of the technology company’s stock worth $144,920,000 after acquiring an additional 38,698 shares in the last quarter. Vanguard Group Inc. grew its holdings in Plantronics by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,261,247 shares of the technology company’s stock worth $120,797,000 after acquiring an additional 82,661 shares in the last quarter. Deprince Race & Zollo Inc. grew its holdings in Plantronics by 82.6% during 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 in the last quarter. Bank of New York Mellon Corp grew its holdings in Plantronics by 3.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 478,957 shares of the technology company’s stock worth $17,740,000 after acquiring an additional 15,925 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Plantronics by 27.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 364,970 shares of the technology company’s stock worth $13,519,000 after acquiring an additional 78,715 shares in the last quarter. Institutional investors own 99.50% of the company’s stock.
In other news, CEO Joseph B. Burton sold 5,000 shares of the firm’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 sale, the chief executive officer now directly owns 156,960 shares in the company, valued at approximately $5,179,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by company insiders.
Several brokerages have issued reports on PLT. Northland Securities cut shares of Plantronics from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $70.00 to $35.00 in a report on Wednesday. Cowen set a $61.00 price target on shares of Plantronics and gave the company a “buy” rating in a report on Wednesday, August 7th. Zacks Investment Research upgraded shares of Plantronics from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. Finally, Morgan Stanley assumed coverage on shares of Plantronics in a report on Thursday, September 19th. They issued an “overweight” rating and a $58.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $55.33.
NYSE:PLT opened at $25.47 on Friday. Plantronics Inc has a fifty-two week low of $23.14 and a fifty-two week high of $61.37. The stock 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 company’s 50-day simple moving average is $36.38 and its 200-day simple moving average is $38.20.
Plantronics (NYSE:PLT) last released its quarterly earnings results on Tuesday, November 5th. The technology company reported $1.24 earnings per share 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 23.82%. The business had revenue of $461.71 million for the quarter, compared to analysts’ expectations of $478.38 million. During the same period last year, the business earned $1.51 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. On average, research analysts forecast that Plantronics Inc will post 4.57 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Tuesday, November 19th. Plantronics’s dividend payout ratio is currently 15.00%.
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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