Lapides Asset Management LLC Raises Stake in Plantronics, Inc. (PLT)
Lapides Asset Management LLC lifted its stake in shares of Plantronics, Inc. (NYSE:PLT) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,600 shares of the technology company’s stock after acquiring an additional 1,700 shares during the period. Lapides Asset Management LLC owned approximately 0.21% of Plantronics worth $3,033,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Acrospire Investment Management LLC bought a new stake in shares of Plantronics during the second quarter worth $126,000. Riverhead Capital Management LLC boosted its holdings in Plantronics by 85.5% during the second quarter. Riverhead Capital Management LLC now owns 2,597 shares of the technology company’s stock worth $136,000 after purchasing an additional 1,197 shares during the last quarter. LS Investment Advisors LLC boosted its holdings in Plantronics by 17.6% during the second quarter. LS Investment Advisors LLC now owns 2,641 shares of the technology company’s stock worth $138,000 after purchasing an additional 395 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Plantronics by 17.6% during the second quarter. Victory Capital Management Inc. now owns 3,304 shares of the technology company’s stock worth $173,000 after purchasing an additional 494 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in Plantronics by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock worth $201,000 after purchasing an additional 31 shares during the last quarter. 91.45% of the stock is owned by institutional investors.
Several research analysts recently commented on PLT shares. Zacks Investment Research upgraded shares of Plantronics from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Roth Capital set a $55.00 target price on shares of Plantronics and gave the stock a “buy” rating in a report on Wednesday, November 1st. J P Morgan Chase & Co cut shares of Plantronics from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $63.00 to $60.00 in a report on Friday, July 28th. TheStreet cut shares of Plantronics from a “b-” rating to a “c+” rating in a report on Monday, August 21st. Finally, Northland Securities set a $57.00 target price on shares of Plantronics and gave the stock a “buy” rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $57.33.
Shares of Plantronics, Inc. (PLT) traded up $0.17 during mid-day trading on Wednesday, reaching $50.41. 199,900 shares of the company’s stock were exchanged, compared to its average volume of 166,190. The firm has a market capitalization of $1,661.24, a PE ratio of 22.03, a P/E/G ratio of 1.53 and a beta of 1.24. The company has a current ratio of 6.44, a quick ratio of 5.90 and a debt-to-equity ratio of 1.27. Plantronics, Inc. has a 12-month low of $41.28 and a 12-month high of $58.27.
Plantronics declared that its Board of Directors has authorized a stock buyback plan on Thursday, July 27th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Monday, November 20th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Friday, November 17th. Plantronics’s dividend payout ratio is currently 24.69%.
In other news, Director Maria Martinez sold 2,874 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.25, for a total value of $147,292.50. Following the transaction, the director now directly owns 7,389 shares of the company’s stock, valued at $378,686.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph B. Burton sold 3,188 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.87, for a total transaction of $165,361.56. Following the completion of the transaction, the chief executive officer now directly owns 92,373 shares in the company, valued at $4,791,387.51. The disclosure for this sale can be found here. 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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