Plantronics (NYSE:PLT) Hits New 52-Week Low at $23.05

Plantronics Inc (NYSE:PLT)’s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $23.05 and last traded at $23.72, with a volume of 47292 shares trading hands. The stock had previously closed at $23.60.

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Plantronics in a research report on Thursday. They set a “neutral” rating and a $33.00 price target on the stock. Zacks Investment Research upgraded Plantronics from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Northland Securities started coverage on Plantronics in a research report on Friday, November 22nd. They set a “hold” rating and a $35.00 price objective for the company. TheStreet downgraded Plantronics from a “c-” rating to a “d+” rating in a research note on Wednesday. Finally, Morgan Stanley began coverage on Plantronics in a research report on Thursday, September 19th. They issued an “overweight” rating and a $58.00 target price on the stock. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $52.14.

The company has a debt-to-equity ratio of 2.46, a quick ratio of 0.99 and a current ratio of 1.38. The firm has a market capitalization of $966.86 million, a P/E ratio of 5.97 and a beta of 1.40. The business has a fifty day moving average of $30.90 and a 200-day moving average of $35.05.

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

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend 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 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 sale, the chief executive officer now owns 156,960 shares of the company’s stock, valued at $5,179,680. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Brian S. Dexheimer bought 6,124 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were purchased at an average cost of $24.88 per share, for a total transaction of $152,365.12. Following the acquisition, the director now owns 59,536 shares of the company’s stock, valued at $1,481,255.68. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. raised its stake in shares of Plantronics by 194.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 708,279 shares of the technology company’s stock worth $26,437,000 after buying an additional 467,478 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in Plantronics by 82.6% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 845,409 shares of the technology company’s stock valued at $31,314,000 after acquiring an additional 382,316 shares during the last quarter. Morgan Stanley lifted its holdings in Plantronics by 992.6% in the 2nd quarter. Morgan Stanley now owns 202,468 shares of the technology company’s stock valued at $7,499,000 after acquiring an additional 183,938 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in shares of Plantronics during the 2nd quarter valued at about $5,377,000. Finally, Lapides Asset Management LLC boosted its position in shares of Plantronics by 83.1% during the 3rd quarter. Lapides Asset Management LLC now owns 294,900 shares of the technology company’s stock valued at $11,006,000 after purchasing an additional 133,800 shares in the last quarter. 99.87% of the stock is owned by hedge funds and other 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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