Logitech International SA (NASDAQ:LOGI) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 14,788,541 shares, a drop of 10.9% from the August 15th total of 16,588,474 shares. Based on an average daily volume of 467,927 shares, the days-to-cover ratio is currently 31.6 days. Currently, 10.0% of the shares of the stock are sold short.
In related news, VP L Joseph Sullivan sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $21.75, for a total value of $489,375.00. Following the sale, the vice president now directly owns 213,161 shares of the company’s stock, valued at $4,636,251.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vincent Pilette sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $19.93, for a total transaction of $1,993,000.00. Following the completion of the sale, the chief financial officer now directly owns 518,492 shares in the company, valued at $10,333,545.56. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group increased its position in shares of Logitech International SA by 18.0% in the second quarter. Schroder Investment Management Group now owns 6,265,394 shares of the company’s stock worth $98,993,000 after buying an additional 955,525 shares during the period. Renaissance Technologies LLC increased its position in shares of Logitech International SA by 51.4% in the first quarter. Renaissance Technologies LLC now owns 2,151,525 shares of the company’s stock worth $34,231,000 after buying an additional 730,553 shares during the period. Acadian Asset Management LLC bought a new position in shares of Logitech International SA during the second quarter worth about $7,650,000. Vanguard Group Inc. increased its position in shares of Logitech International SA by 7.6% in the second quarter. Vanguard Group Inc. now owns 3,335,672 shares of the company’s stock worth $54,305,000 after buying an additional 236,026 shares during the period. Finally, Allianz Asset Management AG bought a new position in shares of Logitech International SA during the second quarter worth about $2,239,000. Institutional investors own 33.78% of the company’s stock.
Logitech International SA (NASDAQ:LOGI) opened at 22.02 on Thursday. The company has a market capitalization of $3.56 billion, a PE ratio of 27.52 and a beta of 1.19. The firm’s 50-day moving average is $21.55 and its 200-day moving average is $17.37. Logitech International SA has a 12 month low of $12.52 and a 12 month high of $22.42.
Logitech International SA (NASDAQ:LOGI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.07. Logitech International SA had a return on equity of 18.58% and a net margin of 6.46%. Equities analysts anticipate that Logitech International SA will post $1.08 EPS for the current fiscal year.
The business also recently disclosed a dividend, which will be paid on Tuesday, September 27th. Investors of record on Monday, September 26th will be paid a dividend of $0.5774 per share. The ex-dividend date is Thursday, September 22nd. This is an increase from Logitech International SA’s previous dividend of $0.52.
A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised shares of Logitech International SA from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, August 10th. JPMorgan Chase & Co. increased their price target on shares of Logitech International SA from $13.50 to $18.00 and gave the company an “underweight” rating in a research report on Friday, July 29th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $22.75 price target (up from $18.00) on shares of Logitech International SA in a research report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Logitech International SA has a consensus rating of “Hold” and a consensus target price of $18.44.
About Logitech International SA
Logitech International SA (Logitech) is a Switzerland-based company that, together with its subsidiaries, develops and markets hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking, and audio and video communication over the Internet.
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