Wedge Capital Management L L P NC reduced its position in Plantronics Inc (NYSE:PLT) by 0.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 118,611 shares of the technology company’s stock after selling 559 shares during the period. Wedge Capital Management L L P NC’s holdings in Plantronics were worth $4,427,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in PLT. Royal Bank of Canada boosted its holdings in shares of Plantronics by 49.7% in the 2nd quarter. Royal Bank of Canada now owns 1,370 shares of the technology company’s stock valued at $51,000 after buying an additional 455 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Plantronics by 23.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,403 shares of the technology company’s stock valued at $90,000 after buying an additional 452 shares in the last quarter. Point72 Hong Kong Ltd boosted its holdings in shares of Plantronics by 38.6% in the 2nd quarter. Point72 Hong Kong Ltd now owns 2,574 shares of the technology company’s stock valued at $95,000 after buying an additional 717 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Plantronics by 88.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,230 shares of the technology company’s stock valued at $120,000 after buying an additional 1,520 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Plantronics by 523.6% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,440 shares of the technology company’s stock valued at $166,000 after buying an additional 3,728 shares in the last quarter. Institutional investors and hedge funds own 99.50% of the company’s stock.
A number of analysts have recently weighed in on PLT shares. Zacks Investment Research upgraded shares of Plantronics from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. Morgan Stanley started 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. 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. Finally, Northland Securities cut shares of Plantronics from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $70.00 to $35.00 in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Plantronics currently has a consensus rating of “Buy” and an average price target of $55.33.
PLT stock opened at $24.67 on Friday. The firm has a 50 day moving average of $36.62 and a 200 day moving average of $38.33. The stock has a market capitalization of $1.56 billion, a PE ratio of 6.17 and a beta of 1.54. The company has a quick ratio of 0.99, a current ratio of 1.37 and a debt-to-equity ratio of 2.45. Plantronics Inc has a 52 week low of $23.14 and a 52 week high of $62.97.
Plantronics (NYSE:PLT) last released its earnings results on Tuesday, November 5th. The technology company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.18. The company had revenue of $461.71 million during the quarter, compared to analysts’ expectations of $478.38 million. Plantronics had a negative net margin of 7.13% and a positive return on equity of 23.82%. Plantronics’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period last year, the business earned $1.51 EPS. On average, equities research analysts expect that Plantronics Inc will post 4.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Tuesday, November 19th. Plantronics’s dividend payout ratio (DPR) is presently 15.00%.
In related news, CEO Joseph B. Burton sold 5,000 shares of Plantronics stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.00, for a total value of $165,000.00. Following the completion of 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 the SEC website. 1.70% of the stock is owned by company insiders.
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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