Plexus (NASDAQ:PLXS) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Plexus (NASDAQ:PLXS) released its earnings results on Wednesday. The technology company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.01, FiscalAI reports. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Plexus had a net margin of 4.29% and a return on equity of 12.77%.

Plexus Stock Up 4.2%

PLXS traded up $7.34 on Wednesday, reaching $180.85. 502,522 shares of the company traded hands, compared to its average volume of 278,525. The company has a market cap of $4.84 billion, a price-to-earnings ratio of 28.89 and a beta of 0.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.58 and a quick ratio of 0.77. The stock’s 50 day moving average price is $156.61 and its 200-day moving average price is $144.79. Plexus has a 52-week low of $103.43 and a 52-week high of $186.47.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Benchmark raised their price objective on Plexus from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday. Williams Trading set a $195.00 price objective on shares of Plexus in a research note on Wednesday. Wall Street Zen downgraded shares of Plexus from a “buy” rating to a “hold” rating in a research report on Saturday, November 22nd. Sidoti downgraded shares of Plexus from a “buy” rating to a “neutral” rating and set a $150.00 price target for the company. in a research report on Friday, October 24th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Plexus in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $171.00.

Insider Activity at Plexus

In other Plexus news, CEO Todd P. Kelsey sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $143.50, for a total value of $287,000.00. Following the transaction, the chief executive officer owned 60,714 shares in the company, valued at $8,712,459. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Oliver K. Mihm sold 2,327 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $143.18, for a total value of $333,179.86. Following the completion of the transaction, the chief operating officer directly owned 18,442 shares in the company, valued at approximately $2,640,525.56. The trade was a 11.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 9,674 shares of company stock worth $1,382,876. 1.78% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Plexus

Several hedge funds have recently bought and sold shares of PLXS. Balyasny Asset Management L.P. acquired a new stake in shares of Plexus in the third quarter worth about $12,509,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Plexus by 965.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 80,890 shares of the technology company’s stock valued at $11,704,000 after acquiring an additional 73,295 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in Plexus by 37.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 242,726 shares of the technology company’s stock worth $32,843,000 after purchasing an additional 65,644 shares during the last quarter. Bank of America Corp DE lifted its holdings in Plexus by 53.6% in the 2nd quarter. Bank of America Corp DE now owns 177,237 shares of the technology company’s stock worth $23,982,000 after purchasing an additional 61,817 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in Plexus by 73.3% during the second quarter. Cubist Systematic Strategies LLC now owns 109,943 shares of the technology company’s stock worth $14,876,000 after purchasing an additional 46,513 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

About Plexus

Plexus Corp. (NASDAQ: PLXS) is a global provider of electronics manufacturing services (EMS) and precision engineered electronics solutions. Headquartered in Neenah, Wisconsin, the company partners with original equipment manufacturers across industries such as medical, industrial, aerospace and defense, computing, and communications. Plexus offers a full suite of services that span new product introduction, product lifecycle management, supply chain management, printed circuit board assembly, system integration, and aftermarket support.

Founded in 1979, Plexus has grown from a regional electronics assembler into a multinational organization with manufacturing and engineering centers across North America, Europe, and Asia.