Lapides Asset Management LLC Decreases Position in Plantronics Inc (PLT)

Lapides Asset Management LLC trimmed its stake in shares of Plantronics Inc (NYSE:PLT) by 25.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,500 shares of the technology company’s stock after selling 10,700 shares during the quarter. Lapides Asset Management LLC owned approximately 0.08% of Plantronics worth $1,899,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PLT. Amalgamated Bank lifted its position in shares of Plantronics by 14.5% in the 2nd quarter. Amalgamated Bank now owns 5,413 shares of the technology company’s stock worth $413,000 after buying an additional 685 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Plantronics by 8.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 10,029 shares of the technology company’s stock worth $765,000 after buying an additional 808 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Plantronics by 1.2% in the 2nd quarter. Rhumbline Advisers now owns 72,010 shares of the technology company’s stock worth $5,491,000 after buying an additional 846 shares during the last quarter. Sawtooth Solutions LLC increased its holdings in shares of Plantronics by 32.0% in the 2nd quarter. Sawtooth Solutions LLC now owns 4,503 shares of the technology company’s stock worth $343,000 after acquiring an additional 1,092 shares during the period. Finally, United Services Automobile Association increased its holdings in shares of Plantronics by 6.5% in the 2nd quarter. United Services Automobile Association now owns 18,907 shares of the technology company’s stock worth $1,442,000 after acquiring an additional 1,153 shares during the period. Hedge funds and other institutional investors own 77.45% of the company’s stock.

In other news, CEO Joseph B. Burton sold 4,727 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $59.45, for a total transaction of $281,020.15. Following the completion of the transaction, the chief executive officer now owns 123,599 shares in the company, valued at approximately $7,347,960.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 4,820 shares of company stock valued at $286,736. Insiders own 1.70% of the company’s stock.

Plantronics stock traded up $1.81 during trading hours on Thursday, hitting $50.15. 655,591 shares of the company traded hands, compared to its average volume of 801,840. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 18.51 and a beta of 1.09. The company has a current ratio of 1.57, a quick ratio of 1.29 and a debt-to-equity ratio of 2.18. Plantronics Inc has a 1-year low of $46.52 and a 1-year high of $82.28.

Plantronics (NYSE:PLT) last posted its quarterly earnings data on Tuesday, November 6th. The technology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($1.05). Plantronics had a negative net margin of 9.75% and a positive return on equity of 20.46%. The business had revenue of $483.07 million for the quarter, compared to the consensus estimate of $506.32 million. During the same quarter last year, the business posted $0.59 EPS. The business’s revenue for the quarter was up 129.7% on a year-over-year basis. Research analysts expect that Plantronics Inc will post 1.87 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Tuesday, November 20th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, November 19th. This represents a $0.60 annualized dividend and a dividend yield of 1.20%. Plantronics’s dividend payout ratio (DPR) is 22.14%.

A number of research firms recently weighed in on PLT. Zacks Investment Research cut shares of Plantronics from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 14th. ValuEngine cut shares of Plantronics from a “buy” rating to a “hold” rating in a report on Monday, November 12th. TheStreet cut shares of Plantronics from a “b-” rating to a “c+” rating in a report on Friday, September 14th. Finally, Sidoti raised shares of Plantronics from a “neutral” rating to a “buy” rating in a report on Wednesday, August 8th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $68.00.

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Plantronics Company Profile

Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.

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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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