Plexus Corp. (PLXS) Stake Decreased by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC trimmed its holdings in Plexus Corp. (NASDAQ:PLXS) by 5.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 97,352 shares of the technology company’s stock after selling 6,103 shares during the quarter. TIAA CREF Investment Management LLC’s holdings in Plexus were worth $5,911,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Sawgrass Asset Management LLC increased its holdings in Plexus by 44.2% during the 4th quarter. Sawgrass Asset Management LLC now owns 6,200 shares of the technology company’s stock worth $376,000 after purchasing an additional 1,900 shares during the period. Parametrica Management Ltd purchased a new position in Plexus during the 4th quarter worth $420,000. Cubist Systematic Strategies LLC purchased a new position in Plexus during the 3rd quarter worth $514,000. Teacher Retirement System of Texas purchased a new position in Plexus during the 4th quarter worth $702,000. Finally, Stone Ridge Asset Management LLC purchased a new position in Plexus during the 4th quarter worth $775,000. Hedge funds and other institutional investors own 97.01% of the company’s stock.
Shares of NASDAQ:PLXS opened at $62.06 on Tuesday. Plexus Corp. has a 12-month low of $49.06 and a 12-month high of $66.78. The firm has a market capitalization of $2,085.71, a PE ratio of 19.15 and a beta of 0.85. The company has a current ratio of 1.90, a quick ratio of 1.08 and a debt-to-equity ratio of 0.03.
Plexus announced that its board has authorized a share buyback program on Tuesday, February 20th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts have commented on PLXS shares. TheStreet downgraded Plexus from an “a-” rating to a “c+” rating in a report on Wednesday, January 17th. Longbow Research upgraded Plexus from a “neutral” rating to a “buy” rating in a report on Monday, January 8th. ValuEngine upgraded Plexus from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. JPMorgan Chase set a $70.00 price target on Plexus and gave the company a “hold” rating in a report on Friday, March 16th. Finally, BidaskClub upgraded Plexus from a “sell” rating to a “hold” rating in a report on Wednesday, March 7th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Plexus presently has an average rating of “Hold” and a consensus target price of $62.00.
In other news, CEO Todd P. Kelsey sold 6,500 shares of Plexus stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $60.90, for a total value of $395,850.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter Kelly purchased 5,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was bought at an average price of $60.10 per share, for a total transaction of $300,500.00. Following the completion of the acquisition, the director now directly owns 21,896 shares in the company, valued at approximately $1,315,949.60. The disclosure for this purchase can be found here. Insiders sold a total of 28,554 shares of company stock worth $1,726,564 over the last quarter. Company insiders own 3.70% of the company’s stock.
Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers product conceptualization solutions; and product design and value-engineering solutions, including program management, feasibility studies, specification development for product features and functionality, circuit design, field programmable gate array design, printed circuit board layout, embedded software design, mechanical design, test specifications development and product verification testing, and automated production solutions and complex automation design.
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