Plexus Corp. (PLXS) Stake Increased by OppenheimerFunds Inc.
OppenheimerFunds Inc. lifted its position in shares of Plexus Corp. (NASDAQ:PLXS) by 13.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,352 shares of the technology company’s stock after buying an additional 3,223 shares during the period. OppenheimerFunds Inc. owned approximately 0.08% of Plexus worth $1,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in PLXS. Envestnet Asset Management Inc. increased its holdings in shares of Plexus by 281.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,224 shares of the technology company’s stock worth $185,000 after buying an additional 2,378 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Plexus during the 2nd quarter worth approximately $205,000. Koch Industries Inc. acquired a new stake in shares of Plexus during the 1st quarter worth approximately $220,000. WINTON GROUP Ltd acquired a new stake in shares of Plexus during the 1st quarter worth approximately $244,000. Finally, Xact Kapitalforvaltning AB increased its holdings in shares of Plexus by 62.2% during the 1st quarter. Xact Kapitalforvaltning AB now owns 5,737 shares of the technology company’s stock worth $343,000 after buying an additional 2,200 shares during the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.
In related news, CAO Angelo Michael Ninivaggi, Jr. sold 6,250 shares of Plexus stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $61.79, for a total value of $386,187.50. Following the completion of the sale, the chief accounting officer now owns 28,402 shares in the company, valued at approximately $1,754,959.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Dean A. Foate sold 10,000 shares of Plexus stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $63.07, for a total transaction of $630,700.00. Following the completion of the sale, the chairman now owns 282,640 shares of the company’s stock, valued at approximately $17,826,104.80. The disclosure for this sale can be found here. Insiders sold a total of 122,830 shares of company stock valued at $7,596,700 in the last quarter. 3.70% of the stock is owned by insiders.
Plexus (NASDAQ:PLXS) last posted its earnings results on Wednesday, July 18th. The technology company reported $0.79 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.03). Plexus had a negative net margin of 1.11% and a positive return on equity of 11.37%. The company had revenue of $726.39 million during the quarter, compared to analyst estimates of $721.08 million. During the same quarter last year, the business posted $0.74 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. sell-side analysts expect that Plexus Corp. will post 3.15 EPS for the current year.
A number of analysts have recently issued reports on PLXS shares. BidaskClub downgraded shares of Plexus from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 25th. ValuEngine downgraded shares of Plexus from a “buy” rating to a “hold” rating in a report on Saturday, June 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $70.00 price target on shares of Plexus in a report on Friday, July 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Plexus currently has a consensus rating of “Hold” and an average target price of $69.25.
Plexus Company Profile
Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers product conceptualization solutions; and product design and value-engineering solutions, including program management, feasibility studies, specification development for product features and functionality, circuit design, field programmable gate array design, printed circuit board layout, embedded software design, mechanical design, test specifications development and product verification testing, and automated production solutions and complex automation design.
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