Zacks Investment Research downgraded shares of Plantronics (NYSE:PLT) from a hold rating to a sell rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Plantronics is a global leader in audio communications for businesses and consumers. They have pioneered new trends in audio technology for 50 years, creating innovative products that allow people to simply communicate. From unified communication solutions to Bluetooth® headsets, they deliver uncompromising quality, an ideal experience, and extraordinary service. Plantronics is used by every company in the Fortune 100, as well as 911 dispatch, air traffic control and the New York Stock Exchange. “

A number of other research analysts also recently commented on the stock. Northland Securities reaffirmed a buy rating and set a $85.00 price objective on shares of Plantronics in a research report on Wednesday, May 8th. Cowen set a $61.00 price objective on shares of Plantronics and gave the company a buy rating in a research report on Wednesday, August 7th. Sidoti set a $83.00 price objective on shares of Plantronics and gave the company a buy rating in a research report on Wednesday, June 19th. Finally, Evercore ISI initiated coverage on shares of Plantronics in a research report on Thursday, June 27th. They set an outperform rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $64.80.

Shares of PLT opened at $27.36 on Tuesday. The company’s 50 day moving average price is $35.10 and its 200 day moving average price is $43.97. Plantronics has a 52 week low of $26.09 and a 52 week high of $68.71. The company has a market capitalization of $1.09 billion, a PE ratio of 6.84 and a beta of 1.44. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.99 and a current ratio of 1.37.

Plantronics (NYSE:PLT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.03. Plantronics had a negative net margin of 10.25% and a positive return on equity of 21.22%. The firm had revenue of $447.77 million for the quarter, compared to the consensus estimate of $490.49 million. During the same period in the previous year, the firm posted $0.74 earnings per share. The firm’s revenue was up 102.3% on a year-over-year basis. On average, equities analysts forecast that Plantronics will post 4.57 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 20th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.19%. The ex-dividend date is Monday, August 19th. Plantronics’s dividend payout ratio is 15.00%.

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in Plantronics by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 928,874 shares of the technology company’s stock worth $30,745,000 after acquiring an additional 59,013 shares in the last quarter. GMT Capital Corp bought a new stake in Plantronics in the first quarter worth approximately $1,697,000. Pacific Ridge Capital Partners LLC bought a new stake in Plantronics in the first quarter worth approximately $1,727,000. Hanson & Doremus Investment Management grew its position in Plantronics by 6.1% in the first quarter. Hanson & Doremus Investment Management now owns 16,125 shares of the technology company’s stock worth $744,000 after acquiring an additional 923 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its position in Plantronics by 1,119.4% in the first quarter. BNP Paribas Arbitrage SA now owns 6,987 shares of the technology company’s stock worth $322,000 after acquiring an additional 6,414 shares in the last quarter. 96.18% of the stock is owned by institutional investors.

About Plantronics

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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