Price T Rowe Associates Inc. MD Decreases Stake in Plantronics Inc (NYSE:PLT)
Price T Rowe Associates Inc. MD reduced its stake in Plantronics Inc (NYSE:PLT) by 16.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 337,013 shares of the technology company’s stock after selling 65,794 shares during the period. Price T Rowe Associates Inc. MD owned about 0.85% of Plantronics worth $12,483,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Point72 Hong Kong Ltd increased its stake in Plantronics by 38.6% in the 2nd quarter. Point72 Hong Kong Ltd now owns 2,574 shares of the technology company’s stock worth $95,000 after purchasing an additional 717 shares during the period. Tower Research Capital LLC TRC increased its stake in Plantronics by 88.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,230 shares of the technology company’s stock worth $120,000 after purchasing an additional 1,520 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Plantronics in the 1st quarter worth approximately $348,000. Teza Capital Management LLC purchased a new position in Plantronics in the 2nd quarter worth approximately $329,000. Finally, First Trust Advisors LP increased its stake in Plantronics by 10.1% in the 2nd quarter. First Trust Advisors LP now owns 9,246 shares of the technology company’s stock worth $342,000 after purchasing an additional 846 shares during the period. 99.73% of the stock is currently owned by institutional investors and hedge funds.
PLT opened at $33.10 on Wednesday. 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 Inc has a 52-week low of $26.09 and a 52-week high of $62.97. The stock has a market capitalization of $1.39 billion, a PE ratio of 8.28 and a beta of 1.54. The stock’s 50 day moving average price is $33.30 and its 200-day moving average price is $40.23.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 20th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, August 19th. This represents a $0.60 annualized dividend and a dividend yield of 1.81%. Plantronics’s dividend payout ratio (DPR) is presently 15.00%.
In other news, CEO Joseph B. Burton sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $33.00, for a total transaction of $165,000.00. Following the transaction, the chief executive officer now directly owns 156,960 shares of the company’s stock, valued at $5,179,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by insiders.
A number of equities analysts have commented on PLT shares. Sidoti set a $83.00 price target on Plantronics and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Cowen set a $61.00 price target on Plantronics and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Morgan Stanley initiated coverage on Plantronics in a research note on Thursday, September 19th. They issued an “overweight” rating and a $58.00 price target on the stock. Northland Securities set a $70.00 target price on Plantronics and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, Evercore ISI initiated coverage on Plantronics in a research note on Thursday, June 27th. They set an “outperform” rating and a $50.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $61.17.
Plantronics Company Profile
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.
Further Reading: G-20
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