Plexus (PLXS) Upgraded to “Buy” by Zacks Investment Research
Plexus (NASDAQ:PLXS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $72.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.98% from the stock’s current price.
According to Zacks, “Plexus' top-line growth is driven by customer wins in the healthcare market. Strength in semiconductor capital equipment space is also driving the industrial segment. We believe new program wins, together with global expansion, will continue to drive growth over the long term. Shares have outperformed the industry in the past year. However, seasonal softness in Communication sector is a concern. The company expects weakness in the Defense and Aerospace market to impact business in the near term. Moreover, Plexus still depends on a few large customers for a major part of its revenues. Intense competition also remains a headwind.”
PLXS has been the topic of several other reports. BidaskClub upgraded shares of Plexus from a “sell” rating to a “hold” rating in a research report on Wednesday, March 7th. ValuEngine upgraded shares of Plexus from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Longbow Research upgraded shares of Plexus from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. JPMorgan Chase & Co. set a $70.00 price target on shares of Plexus and gave the stock a “hold” rating in a research report on Friday, March 16th. Finally, TheStreet downgraded shares of Plexus from an “a-” rating to a “c+” rating in a research report on Wednesday, January 17th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $62.00.
Plexus (NASDAQ:PLXS) last released its quarterly earnings results on Wednesday, January 17th. The technology company reported $0.75 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by ($0.05). Plexus had a positive return on equity of 11.24% and a negative net margin of 0.57%. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $685.07 million. During the same quarter in the previous year, the business posted $0.82 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. analysts predict that Plexus will post 3.27 EPS for the current year.
Plexus announced that its Board of Directors has approved a stock buyback plan on Tuesday, February 20th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Peter Kelly acquired 5,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were purchased at an average cost of $60.10 per share, for a total transaction of $300,500.00. Following the transaction, the director now directly owns 21,896 shares of the company’s stock, valued at $1,315,949.60. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Ronnie Darroch sold 1,250 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $60.66, for a total transaction of $75,825.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,554 shares of company stock worth $1,726,564 over the last 90 days. Insiders own 3.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Allianz Asset Management GmbH raised its position in shares of Plexus by 45.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 63,817 shares of the technology company’s stock valued at $3,579,000 after purchasing an additional 20,010 shares during the period. Legal & General Group Plc increased its holdings in Plexus by 3.9% in the 3rd quarter. Legal & General Group Plc now owns 83,876 shares of the technology company’s stock valued at $4,705,000 after acquiring an additional 3,140 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Plexus by 56.9% in the 3rd quarter. Wells Fargo & Company MN now owns 54,479 shares of the technology company’s stock valued at $3,054,000 after acquiring an additional 19,746 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in Plexus by 31.0% in the 4th quarter. Pinebridge Investments L.P. now owns 55,478 shares of the technology company’s stock valued at $3,368,000 after acquiring an additional 13,115 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Plexus in the 3rd quarter valued at $514,000. Hedge funds and other institutional investors own 97.01% of the company’s stock.
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Plexus Company Profile
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. The Company delivers end-to-end solutions for customers in the Americas (AMER), Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.
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