J P Morgan Chase & Co Lowers Plantronics, Inc. (PLT) to Neutral
J P Morgan Chase & Co downgraded shares of Plantronics, Inc. (NYSE:PLT) from an overweight rating to a neutral rating in a report issued on Friday, MarketBeat Ratings reports. The firm currently has $60.00 price target on the technology company’s stock, down from their previous price target of $63.00.
PLT has been the topic of several other reports. BidaskClub lowered Plantronics from a hold rating to a sell rating in a research report on Wednesday, June 21st. Zacks Investment Research raised Plantronics from a strong sell rating to a hold rating in a research report on Tuesday, July 4th. Finally, Northland Securities set a $57.00 price objective on Plantronics and gave the company a buy rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $58.25.
Shares of Plantronics (PLT) opened at 45.18 on Friday. The stock has a market cap of $1.47 billion, a P/E ratio of 18.37 and a beta of 1.30. The firm’s 50-day moving average price is $52.72 and its 200 day moving average price is $53.78. Plantronics has a one year low of $43.51 and a one year high of $58.27.
Plantronics (NYSE:PLT) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.75 by $0.05. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The company had revenue of $203.90 million during the quarter, compared to analysts’ expectations of $217.11 million. During the same period last year, the business earned $0.76 earnings per share. The company’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities research analysts expect that Plantronics will post $3.28 EPS for the current fiscal year.
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Plantronics declared that its board has approved a stock repurchase plan on Thursday, July 27th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.33%. The ex-dividend date is Wednesday, August 16th. Plantronics’s dividend payout ratio (DPR) is presently 24.29%.
In other news, Director Marshall Mohr sold 3,000 shares of Plantronics stock in a transaction dated 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 directly owns 22,384 shares of the company’s stock, valued at $1,189,485.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Marvin Tseu sold 3,546 shares of Plantronics stock in a transaction dated 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 directly owns 20,084 shares in the company, valued at $1,094,578. The disclosure for this sale can be found here. Insiders sold 9,775 shares of company stock worth $533,593 over the last three months. 3.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. increased its stake in shares of Plantronics by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 14,054 shares of the technology company’s stock valued at $735,000 after buying an additional 79 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Plantronics by 0.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 15,481 shares of the technology company’s stock valued at $838,000 after buying an additional 84 shares in the last quarter. State Treasurer State of Michigan increased its stake in shares of Plantronics by 0.7% in the first quarter. State Treasurer State of Michigan now owns 13,500 shares of the technology company’s stock valued at $730,000 after buying an additional 100 shares in the last quarter. Advantus Capital Management Inc increased its stake in shares of Plantronics by 2.7% in the first quarter. Advantus Capital Management Inc now owns 4,248 shares of the technology company’s stock valued at $230,000 after buying an additional 111 shares in the last quarter. Finally, Mason Street Advisors LLC increased its stake in shares of Plantronics by 0.9% in the first quarter. Mason Street Advisors LLC now owns 15,676 shares of the technology company’s stock valued at $848,000 after buying an additional 139 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.
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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