State Treasurer State of Michigan Increases Position in Plantronics, Inc. (NYSE:PLT)
State Treasurer State of Michigan boosted its stake in shares of Plantronics, Inc. (NYSE:PLT) by 2.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,800 shares of the technology company’s stock after buying an additional 300 shares during the period. State Treasurer State of Michigan’s holdings in Plantronics were worth $722,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its stake in shares of Plantronics by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 14,054 shares of the technology company’s stock valued at $735,000 after buying an additional 79 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Plantronics by 0.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 15,481 shares of the technology company’s stock valued at $838,000 after buying an additional 84 shares in the last quarter. Advantus Capital Management Inc increased its stake in shares of Plantronics by 2.7% in the first quarter. Advantus Capital Management Inc now owns 4,248 shares of the technology company’s stock valued at $230,000 after buying an additional 111 shares in the last quarter. Mason Street Advisors LLC increased its stake in shares of Plantronics by 0.9% in the first quarter. Mason Street Advisors LLC now owns 15,676 shares of the technology company’s stock valued at $848,000 after buying an additional 139 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Plantronics by 1.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 11,754 shares of the technology company’s stock valued at $636,000 after buying an additional 200 shares in the last quarter. 90.62% of the stock is owned by institutional investors and hedge funds.
Shares of Plantronics, Inc. (NYSE:PLT) traded down 1.763% during midday trading on Thursday, reaching $43.175. The company had a trading volume of 38,377 shares. Plantronics, Inc. has a 52-week low of $43.09 and a 52-week high of $58.27. The firm has a market cap of $1.40 billion, a P/E ratio of 17.551 and a beta of 1.27. The company’s 50-day moving average is $50.74 and its 200-day moving average is $53.26.
Plantronics (NYSE:PLT) last posted its earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The business had revenue of $203.90 million during the quarter, compared to analyst estimates of $217.11 million. During the same period in the previous year, the firm posted $0.76 earnings per share. The firm’s revenue was down 8.6% on a year-over-year basis. Equities research analysts expect that Plantronics, Inc. will post $2.97 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.60 dividend on an annualized basis and a yield of 1.37%. Plantronics’s payout ratio is 24.29%.
Plantronics announced that its Board of Directors has approved a share repurchase plan on Thursday, July 27th that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several equities research analysts have recently commented on the company. J P Morgan Chase & Co raised Plantronics from a “neutral” rating to an “overweight” rating and upped their target price for the company from $59.00 to $63.00 in a report on Thursday, June 1st. Zacks Investment Research raised Plantronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub downgraded Plantronics from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Finally, Northland Securities set a $57.00 target price on Plantronics and gave the company a “buy” rating in a report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.25.
In other Plantronics news, Director Marshall Mohr sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $53.14, for a total value of $159,420.00. Following the completion of the transaction, the director now directly owns 22,384 shares of the company’s stock, valued at $1,189,485.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Marvin Tseu sold 3,546 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $54.50, for a total value of $193,257.00. Following the completion of the transaction, the director now directly owns 20,084 shares of the company’s stock, valued at $1,094,578. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,586 shares of company stock valued at $354,913. Insiders own 3.20% of the company’s stock.
Plantronics Company Profile
Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.
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