Foundry Partners LLC Has $12.56 Million Position in Plantronics, Inc. (NYSE:PLT)
Foundry Partners LLC boosted its stake in shares of Plantronics, Inc. (NYSE:PLT) by 6.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 240,085 shares of the technology company’s stock after buying an additional 14,456 shares during the period. Foundry Partners LLC’s holdings in Plantronics were worth $12,559,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in PLT. Bank of Montreal Can increased its position in shares of Plantronics by 7.0% in the first quarter. Bank of Montreal Can now owns 20,928 shares of the technology company’s stock valued at $1,133,000 after buying an additional 1,366 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Plantronics by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the technology company’s stock valued at $455,000 after buying an additional 200 shares during the period. Legato Capital Management LLC increased its position in shares of Plantronics by 5,310.9% in the first quarter. Legato Capital Management LLC now owns 42,530 shares of the technology company’s stock valued at $786,000 after buying an additional 41,744 shares during the period. Ledyard National Bank increased its position in shares of Plantronics by 400.0% in the first quarter. Ledyard National Bank now owns 5,000 shares of the technology company’s stock valued at $271,000 after buying an additional 4,000 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Plantronics by 67.4% in the first quarter. Russell Investments Group Ltd. now owns 23,400 shares of the technology company’s stock valued at $1,266,000 after buying an additional 9,423 shares during the period. 90.62% of the stock is owned by institutional investors.
Shares of Plantronics, Inc. (NYSE PLT) opened at 43.05 on Friday. The company has a market capitalization of $1.40 billion, a PE ratio of 17.50 and a beta of 1.27. The company’s 50 day moving average is $50.18 and its 200-day moving average is $53.10. Plantronics, Inc. has a 52 week low of $42.23 and a 52 week high of $58.27.
Plantronics (NYSE:PLT) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The company had revenue of $203.90 million during the quarter, compared to the consensus estimate of $217.11 million. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The business’s revenue was down 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.76 earnings per share. On average, analysts expect that Plantronics, Inc. will post $2.97 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Wednesday, August 16th. Plantronics’s payout ratio is presently 24.29%.
Plantronics announced that its Board of Directors has approved a stock repurchase program on Thursday, July 27th that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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Several equities analysts have recently issued reports on PLT shares. Zacks Investment Research downgraded shares of Plantronics from a “hold” rating to a “sell” rating in a report on Saturday, May 6th. J P Morgan Chase & Co raised shares of Plantronics from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $59.00 to $63.00 in a report on Thursday, June 1st. BidaskClub downgraded shares of Plantronics from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Finally, Northland Securities set a $57.00 price target on shares of Plantronics and gave the company a “buy” rating in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $58.25.
In other news, Director Marshall Mohr sold 3,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $53.14, for a total transaction of $159,420.00. Following the sale, the director now owns 22,384 shares in the company, valued at $1,189,485.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marvin Tseu sold 3,546 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $54.50, for a total value of $193,257.00. Following the sale, the director now owns 20,084 shares in the company, valued at approximately $1,094,578. The disclosure for this sale can be found here. Insiders have sold 6,586 shares of company stock worth $354,913 in the last 90 days. Company insiders own 3.20% of the company’s stock.
Plantronics Company Profile
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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