Riverhead Capital Management LLC Increases Position in Plexus Corp. (PLXS)
Riverhead Capital Management LLC lifted its holdings in Plexus Corp. (NASDAQ:PLXS) by 69.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,366 shares of the technology company’s stock after purchasing an additional 966 shares during the period. Riverhead Capital Management LLC’s holdings in Plexus Corp. were worth $124,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PLXS. Ameritas Investment Partners Inc. acquired a new position in shares of Plexus Corp. in the first quarter valued at approximately $166,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Plexus Corp. in the first quarter valued at approximately $200,000. Neuberger Berman Group LLC grew its holdings in shares of Plexus Corp. by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,834 shares of the technology company’s stock valued at $202,000 after purchasing an additional 31 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Plexus Corp. by 20.0% in the first quarter. SG Americas Securities LLC now owns 3,655 shares of the technology company’s stock valued at $211,000 after purchasing an additional 609 shares in the last quarter. Finally, Invictus RG acquired a new position in shares of Plexus Corp. in the first quarter valued at approximately $315,000. Hedge funds and other institutional investors own 93.93% of the company’s stock.
In other Plexus Corp. news, Director Ralf R. Boer sold 1,374 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $50.00, for a total value of $68,700.00. Following the completion of the sale, the director now owns 23,124 shares of the company’s stock, valued at $1,156,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Angelo Michael Ninivaggi, Jr. sold 10,350 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $49.46, for a total transaction of $511,911.00. Following the completion of the sale, the chief accounting officer now directly owns 17,009 shares of the company’s stock, valued at approximately $841,265.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,180 shares of company stock valued at $4,840,872. Corporate insiders own 4.30% of the company’s stock.
A number of research analysts recently weighed in on the stock. ValuEngine cut shares of Plexus Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Zacks Investment Research cut shares of Plexus Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. BidaskClub cut shares of Plexus Corp. from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Stifel Nicolaus restated a “hold” rating and issued a $54.00 price objective on shares of Plexus Corp. in a report on Tuesday, September 12th. Finally, Citigroup Inc. lifted their price objective on shares of Plexus Corp. from $56.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $57.00.
Plexus Corp. (NASDAQ PLXS) opened at 58.45 on Friday. The stock has a market cap of $1.96 billion, a P/E ratio of 19.73 and a beta of 0.95. The company has a 50-day moving average of $53.12 and a 200-day moving average of $53.29. Plexus Corp. has a 52 week low of $44.35 and a 52 week high of $58.80.
Plexus Corp. (NASDAQ:PLXS) last posted its earnings results on Wednesday, July 19th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.02. The firm had revenue of $618.80 million during the quarter, compared to the consensus estimate of $608.95 million. Plexus Corp. had a net margin of 4.07% and a return on equity of 10.76%. The company’s revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. On average, analysts predict that Plexus Corp. will post $3.22 EPS for the current fiscal year.
About Plexus Corp.
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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