Plexus (NASDAQ:PLXS) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Plexus (NASDAQ:PLXS) from a sell rating to a hold rating in a report released on Monday morning, Zacks.com reports. They currently have $60.00 price objective on the technology company’s stock.
According to Zacks, “Plexus continues to benefit from strong end-market demand in the Healthcare/Life Sciences and Aerospace/Defense segments. However, management expects fourth-quarter revenues to suffer from weakness in the Industrial/Commercial and Communications segments. Further, weakness in the semiconductor capital equipment space is an overhang. Shares have underperformed the industry on a year-to-date basis. Nevertheless, global expansion, new program wins and expanding manufacturing opportunities are key catalysts for Plexus. Notably, the Guadalajara-based Azteca Manufacturing facility has received FDA approval to manufacture finished, Class III medical devices, which is positive for the company. The recently announced share buyback program also reflects improved liquidity, which bodes well for investors.”
Several other analysts have also recently commented on PLXS. Sidoti set a $72.00 price objective on shares of Plexus and gave the company a buy rating in a research note on Friday, June 14th. BidaskClub cut shares of Plexus from a strong-buy rating to a buy rating in a research note on Wednesday, August 28th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $68.00.
Plexus (NASDAQ:PLXS) last announced its quarterly earnings data on Wednesday, July 17th. The technology company reported $0.81 EPS for the quarter, meeting the consensus estimate of $0.81. Plexus had a net margin of 4.62% and a return on equity of 12.40%. The business had revenue of $799.64 million during the quarter, compared to analysts’ expectations of $783.30 million. During the same period in the previous year, the business posted $0.79 EPS. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. Analysts forecast that Plexus will post 3.37 EPS for the current year.
In other news, Director Stephen P. Cortinovis sold 5,000 shares of Plexus stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $60.15, for a total transaction of $300,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd P. Kelsey sold 1,000 shares of Plexus stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $59.35, for a total transaction of $59,350.00. Following the transaction, the chief executive officer now directly owns 77,855 shares of the company’s stock, valued at $4,620,694.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,148 shares of company stock valued at $1,307,109. Insiders own 3.90% of the company’s stock.
Several large investors have recently bought and sold shares of PLXS. Geode Capital Management LLC boosted its position in Plexus by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 386,839 shares of the technology company’s stock valued at $19,759,000 after acquiring an additional 12,686 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Plexus during the 1st quarter worth about $410,000. Virginia Retirement Systems ET AL bought a new position in shares of Plexus during the 1st quarter worth about $299,000. BNP Paribas Arbitrage SA boosted its position in shares of Plexus by 190.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,109 shares of the technology company’s stock worth $433,000 after purchasing an additional 4,659 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its position in shares of Plexus by 1,548.3% during the 1st quarter. Quadrant Capital Group LLC now owns 989 shares of the technology company’s stock worth $59,000 after purchasing an additional 929 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.
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 design and development, supply chain, new product introduction, and manufacturing solutions, as well as aftermarket services. The company provides its solutions to companies in the healthcare and life sciences, industrial and commercial, communications, and aerospace and defense sectors.
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