Plantronics Inc. (PLT) Sees Strong Trading Volume
Plantronics Inc. (NYSE:PLT) shares saw an uptick in trading volume on Thursday . 140,225 shares were traded during trading, a decline of 20% from the previous session’s volume of 175,500 shares.The stock last traded at $43.23 and had previously closed at $42.72.
A number of brokerages have recently commented on PLT. Zacks Investment Research lowered shares of Plantronics from a “buy” rating to a “hold” rating in a research report on Wednesday. Raymond James Financial Inc. raised shares of Plantronics from an “underperform” rating to a “market perform” rating in a research report on Wednesday, May 4th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $49.00 price objective on shares of Plantronics in a research report on Monday, May 2nd.
The firm’s 50 day moving average price is $43.99 and its 200-day moving average price is $40.95. The firm has a market cap of $1.44 billion and a price-to-earnings ratio of 22.86.
Plantronics (NYSE:PLT) last released its earnings results on Tuesday, May 3rd. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.09. During the same period last year, the business posted $0.72 EPS. The business earned $209.80 million during the quarter, compared to the consensus estimate of $205.06 million. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. Equities analysts expect that Plantronics Inc. will post $3.08 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 10th. Investors of record on Friday, May 20th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Wednesday, May 18th.
In other news, insider Joseph B. Burton sold 3,951 shares of Plantronics stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $42.61, for a total value of $168,352.11. Following the completion of the transaction, the insider now owns 75,245 shares of the company’s stock, valued at approximately $3,206,189.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Marvin Tseu sold 2,000 shares of Plantronics stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $45.10, for a total transaction of $90,200.00. Following the completion of the transaction, the director now directly owns 17,445 shares of the company’s stock, valued at approximately $786,769.50. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently made changes to their positions in PLT. Marshall Wace LLP purchased a new position in shares of Plantronics during the fourth quarter worth approximately $2,911,000. Bragg Financial Advisors Inc increased its position in shares of Plantronics by 18.3% in the fourth quarter. Bragg Financial Advisors Inc now owns 49,361 shares of the company’s stock worth $2,341,000 after buying an additional 7,626 shares during the period. Schroder Investment Management Group purchased a new position in shares of Plantronics during the fourth quarter worth approximately $3,201,000. Principal Financial Group Inc. increased its position in shares of Plantronics by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 530,744 shares of the company’s stock worth $25,168,000 after buying an additional 5,057 shares during the period. Finally, GSA Capital Partners LLP increased its position in shares of Plantronics by 18.5% in the fourth quarter. GSA Capital Partners LLP now owns 44,993 shares of the company’s stock worth $2,134,000 after buying an additional 7,033 shares during the period.
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 lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand.
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