Insider Selling: Plantronics, Inc. (PLT) CEO Sells $165,361.56 in Stock
Plantronics, Inc. (NYSE:PLT) CEO Joseph B. Burton sold 3,188 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $51.87, for a total transaction of $165,361.56. Following the sale, the chief executive officer now directly owns 92,373 shares in the company, valued at $4,791,387.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of Plantronics, Inc. (NYSE:PLT) opened at $51.36 on Thursday. The company has a market cap of $1,687.03, a PE ratio of 22.38, a PEG ratio of 1.55 and a beta of 1.24. The company has a debt-to-equity ratio of 1.27, a current ratio of 6.44 and a quick ratio of 5.90. Plantronics, Inc. has a 12-month low of $41.28 and a 12-month high of $58.27.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Monday, November 20th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Friday, November 17th. Plantronics’s dividend payout ratio (DPR) is 24.69%.
Plantronics announced that its Board of Directors has approved a share buyback plan on Thursday, July 27th that allows the company to repurchase 1,000,000 shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Acrospire Investment Management LLC acquired a new stake in Plantronics during the second quarter worth about $126,000. Riverhead Capital Management LLC increased its position in Plantronics by 85.5% during the second quarter. Riverhead Capital Management LLC now owns 2,597 shares of the technology company’s stock worth $136,000 after purchasing an additional 1,197 shares during the last quarter. LS Investment Advisors LLC increased its position in Plantronics by 17.6% during the second quarter. LS Investment Advisors LLC now owns 2,641 shares of the technology company’s stock worth $138,000 after purchasing an additional 395 shares during the last quarter. Victory Capital Management Inc. increased its position in Plantronics by 17.6% during the second quarter. Victory Capital Management Inc. now owns 3,304 shares of the technology company’s stock worth $173,000 after purchasing an additional 494 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its position in Plantronics by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock worth $201,000 after purchasing an additional 31 shares during the last quarter. Institutional investors and hedge funds own 92.40% of the company’s stock.
A number of brokerages recently issued reports on PLT. Northland Securities set a $57.00 price target on shares of Plantronics and gave the stock a “buy” rating in a report on Tuesday, July 25th. J P Morgan Chase & Co downgraded shares of Plantronics from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $63.00 to $60.00 in a report on Friday, July 28th. BidaskClub downgraded shares of Plantronics from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Roth Capital set a $55.00 price target on shares of Plantronics and gave the stock a “buy” rating in a report on Wednesday, November 1st. Finally, Zacks Investment Research downgraded shares of Plantronics from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $57.33.
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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