Plantronics Inc. (PLT) Stake Decreased by First Mercantile Trust Co.
First Mercantile Trust Co. reduced its position in Plantronics Inc. (NYSE:PLT) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 17,510 shares of the company’s stock after selling 50 shares during the period. First Mercantile Trust Co. owned about 0.05% of Plantronics worth $771,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Plantronics during the fourth quarter worth about $20,226,000. OLD National Bancorp IN increased its stake in shares of Plantronics by 10.3% in the first quarter. OLD National Bancorp IN now owns 9,473 shares of the company’s stock worth $371,000 after buying an additional 883 shares during the last quarter. Parametrica Management Ltd purchased a new stake in shares of Plantronics during the first quarter worth about $205,000. Pacad Investment Ltd. increased its stake in shares of Plantronics by 70.6% in the first quarter. Pacad Investment Ltd. now owns 8,700 shares of the company’s stock worth $341,000 after buying an additional 3,600 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its stake in shares of Plantronics by 7.7% in the first quarter. Disciplined Growth Investors Inc. MN now owns 1,859,278 shares of the company’s stock worth $72,865,000 after buying an additional 132,284 shares during the last quarter. 90.59% of the stock is currently owned by hedge funds and other institutional investors.
Plantronics Inc. (NYSE:PLT) opened at 50.39 on Wednesday. Plantronics Inc. has a 52-week low of $32.13 and a 52-week high of $55.09. The company has a 50 day moving average of $50.33 and a 200 day moving average of $44.09. The company has a market capitalization of $1.62 billion, a PE ratio of 24.97 and a beta of 1.59.
Plantronics (NYSE:PLT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.06. The business earned $223.10 million during the quarter, compared to the consensus estimate of $216.70 million. Plantronics had a return on equity of 24.55% and a net margin of 7.73%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 EPS. On average, equities research analysts forecast that Plantronics Inc. will post $3.19 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 19th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, August 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. Plantronics’s dividend payout ratio is currently 29.70%.
A number of equities research analysts have recently issued reports on PLT shares. Zacks Investment Research downgraded shares of Plantronics from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. JPMorgan Chase & Co. set a $55.00 price objective on shares of Plantronics and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, TheStreet upgraded shares of Plantronics from a “hold” rating to a “buy” rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Plantronics currently has an average rating of “Buy” and a consensus price target of $56.50.
In other Plantronics news, CEO S Kenneth Kannappan sold 9,600 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $50.84, for a total transaction of $488,064.00. Following the completion of the sale, the chief executive officer now directly owns 165,255 shares in the company, valued at approximately $8,401,564.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joseph B. Burton sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $50.40, for a total value of $151,200.00. Following the sale, the insider now owns 68,557 shares of the company’s stock, valued at $3,455,272.80. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.
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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