Plantronics, Inc. (NYSE:PLT) Shares Bought by LS Investment Advisors LLC
LS Investment Advisors LLC increased its position in Plantronics, Inc. (NYSE:PLT) by 17.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,641 shares of the technology company’s stock after buying an additional 395 shares during the period. LS Investment Advisors LLC’s holdings in Plantronics were worth $138,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of PLT. BlackRock Inc. raised its stake in Plantronics by 23,139.5% in the first quarter. BlackRock Inc. now owns 3,456,643 shares of the technology company’s stock worth $187,037,000 after buying an additional 3,441,769 shares during the period. Nuveen Asset Management LLC raised its stake in Plantronics by 63.1% in the first quarter. Nuveen Asset Management LLC now owns 642,534 shares of the technology company’s stock worth $34,768,000 after buying an additional 248,549 shares during the period. Vanguard Group Inc. raised its stake in Plantronics by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,728,181 shares of the technology company’s stock worth $147,622,000 after buying an additional 107,289 shares during the period. State Street Corp raised its stake in Plantronics by 9.0% in the first quarter. State Street Corp now owns 1,182,582 shares of the technology company’s stock worth $63,989,000 after buying an additional 97,473 shares during the period. Finally, LSV Asset Management raised its stake in Plantronics by 22.2% in the first quarter. LSV Asset Management now owns 500,994 shares of the technology company’s stock worth $27,108,000 after buying an additional 91,100 shares during the period. 90.62% of the stock is owned by institutional investors and hedge funds.
Shares of Plantronics, Inc. (PLT) traded up 1.01% during trading on Friday, reaching $43.11. 107,898 shares of the company traded hands. The stock’s 50 day moving average price is $50.46 and its 200-day moving average price is $53.18. Plantronics, Inc. has a 12 month low of $42.23 and a 12 month high of $58.27. The stock has a market cap of $1.40 billion, a P/E ratio of 17.52 and a beta of 1.27.
Plantronics (NYSE:PLT) last released its earnings results on Thursday, July 27th. The technology company reported $0.70 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The firm had revenue of $203.90 million during the quarter, compared to the consensus estimate of $217.11 million. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The company’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 EPS. On average, equities research analysts expect that Plantronics, Inc. will post $2.97 EPS for the current fiscal year.
Plantronics announced that its Board of Directors has initiated a share repurchase program on Thursday, July 27th that authorizes the company to buyback 1,000,000 outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company 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. This represents a $0.60 annualized dividend and a yield of 1.41%. The ex-dividend date is Wednesday, August 16th. Plantronics’s payout ratio is 24.29%.
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Several equities analysts recently weighed in on PLT shares. BidaskClub lowered shares of Plantronics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of Plantronics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Northland Securities set a $57.00 price objective on shares of Plantronics and gave the company a “buy” rating in a research report on Tuesday, July 25th. Finally, J P Morgan Chase & Co raised shares of Plantronics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $59.00 to $63.00 in a research report on Thursday, June 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $58.25.
In other Plantronics news, Director Marshall Mohr sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $53.14, for a total value of $159,420.00. Following the sale, the director now owns 22,384 shares in the company, valued at approximately $1,189,485.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Marvin Tseu sold 3,546 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 20,084 shares in the company, valued at approximately $1,094,578. The disclosure for this sale can be found here. Insiders sold a total of 6,586 shares of company stock worth $354,913 in the last 90 days. Company insiders own 3.20% 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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