Acadian Asset Management LLC Has $693,000 Position in Plantronics Inc (NYSE:PLT)
Acadian Asset Management LLC boosted its position in shares of Plantronics Inc (NYSE:PLT) by 2,148.2% during the second quarter, Holdings Channel reports. The institutional investor owned 13,242 shares of the technology company’s stock after buying an additional 12,653 shares during the period. Acadian Asset Management LLC’s holdings in Plantronics were worth $693,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in PLT. Meeder Asset Management Inc. raised its stake in Plantronics by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 14,054 shares of the technology company’s stock worth $735,000 after buying an additional 79 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in 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 worth $838,000 after buying an additional 84 shares in the last quarter. State Treasurer State of Michigan raised its stake in Plantronics by 0.7% in the first quarter. State Treasurer State of Michigan now owns 13,500 shares of the technology company’s stock worth $730,000 after buying an additional 100 shares in the last quarter. Advantus Capital Management Inc raised its stake in Plantronics by 2.7% in the first quarter. Advantus Capital Management Inc now owns 4,248 shares of the technology company’s stock worth $230,000 after buying an additional 111 shares in the last quarter. Finally, Mason Street Advisors LLC raised its stake in Plantronics by 0.9% in the first quarter. Mason Street Advisors LLC now owns 15,676 shares of the technology company’s stock worth $848,000 after buying an additional 139 shares in the last quarter. Institutional investors and hedge funds own 90.62% of the company’s stock.
Shares of Plantronics Inc (PLT) traded up 0.87% during mid-day trading on Friday, hitting $43.05. 247,925 shares of the stock were exchanged. Plantronics Inc has a 52-week low of $42.23 and a 52-week high of $58.27. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 17.50 and a beta of 1.27. The stock has a 50-day moving average price of $50.18 and a 200 day moving average price of $53.10.
Plantronics (NYSE:PLT) last announced 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 9.23% and a return on equity of 19.60%. The business had revenue of $203.90 million for the quarter, compared to analysts’ expectations of $217.11 million. During the same quarter last year, the business earned $0.76 EPS. The company’s quarterly revenue was down 8.6% on a year-over-year basis. On average, equities research analysts expect that Plantronics Inc will post $2.97 earnings per share for the current year.
Plantronics declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 27th that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. Plantronics’s dividend payout ratio (DPR) is 24.29%.
A number of research firms have weighed in on PLT. J P Morgan Chase & Co upgraded 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 note on Thursday, June 1st. Zacks Investment Research lowered shares of Plantronics from a “hold” rating to a “sell” rating in a research note on Saturday, May 6th. Northland Securities set a $57.00 price objective on shares of Plantronics and gave the company a “buy” rating in a research note on Tuesday, July 25th. Finally, BidaskClub lowered shares of Plantronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Plantronics has a consensus rating of “Hold” and a consensus target price of $58.25.
In other news, Director Marvin Tseu sold 3,546 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $54.50, for a total transaction of $193,257.00. Following the transaction, the director now owns 20,084 shares in the company, valued at approximately $1,094,578. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marshall Mohr sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $53.14, for a total value of $159,420.00. Following the transaction, the director now owns 22,384 shares in the company, valued at approximately $1,189,485.76. The disclosure for this sale can be found here. Insiders have sold a total of 6,586 shares of company stock worth $354,913 in the last quarter. 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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