Plantronics Inc. (NYSE:PLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Plantronics, Inc. is a leading designer, manufacturer and marketer of lightweight communications headsets and headset accessories and services. In addition, the company manufactures and markets specialty telephone products, such as amplified telephone handsets and specialty telephones for hearing-impaired users, and noise-canceling handsets for use in high-noise environments. “
Several other research firms have also issued reports on PLT. TheStreet upgraded Plantronics from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $55.00 price objective on Plantronics and gave the company a “buy” rating in a report on Wednesday, August 3rd.
Plantronics (NYSE:PLT) opened at 51.68 on Wednesday. The firm’s 50-day moving average is $50.65 and its 200-day moving average is $45.10. Plantronics has a 12 month low of $32.13 and a 12 month high of $55.09. The firm has a market capitalization of $1.67 billion, a PE ratio of 25.61 and a beta of 1.59.
Plantronics (NYSE:PLT) last posted its earnings results on Tuesday, August 2nd. The company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.06. The company earned $223.10 million during the quarter, compared to analyst estimates of $216.70 million. Plantronics had a return on equity of 24.55% and a net margin of 7.73%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.67 EPS. On average, equities research analysts expect that Plantronics will post $3.19 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 19th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Wednesday, August 17th. Plantronics’s dividend payout ratio (DPR) is presently 29.70%.
In other Plantronics news, insider Joseph B. Burton sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $50.40, for a total value of $151,200.00. Following the sale, the insider now owns 68,557 shares in the company, valued at approximately $3,455,272.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO S Kenneth Kannappan sold 2,590 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $50.00, for a total value of $129,500.00. Following the completion of the sale, the chief executive officer now owns 137,687 shares in the company, valued at approximately $6,884,350. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PLT. Prudential Financial Inc. boosted its stake in Plantronics by 72.0% in the first quarter. Prudential Financial Inc. now owns 337,305 shares of the company’s stock valued at $13,219,000 after buying an additional 141,178 shares during the last quarter. Spark Investment Management LLC purchased a new stake in Plantronics during the first quarter valued at approximately $811,000. Advance Capital I Inc. purchased a new stake in Plantronics during the second quarter valued at approximately $286,000. Nuveen Asset Management LLC boosted its stake in Plantronics by 30.7% in the first quarter. Nuveen Asset Management LLC now owns 221,364 shares of the company’s stock valued at $8,676,000 after buying an additional 52,047 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new stake in Plantronics during the first quarter valued at approximately $152,000. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.
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