Prudential Financial Inc. Raises Holdings in Plantronics Inc (PLT)
Prudential Financial Inc. boosted its holdings in shares of Plantronics Inc (NYSE:PLT) by 22.2% during the 3rd quarter, Holdings Channel reports. The firm owned 659,365 shares of the technology company’s stock after purchasing an additional 119,846 shares during the period. Prudential Financial Inc.’s holdings in Plantronics were worth $39,759,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Amalgamated Bank grew its position in Plantronics by 14.5% during the 2nd quarter. Amalgamated Bank now owns 5,413 shares of the technology company’s stock worth $413,000 after purchasing an additional 685 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Plantronics by 8.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 10,029 shares of the technology company’s stock worth $765,000 after purchasing an additional 808 shares during the last quarter. Rhumbline Advisers grew its position in Plantronics by 1.2% during the 2nd quarter. Rhumbline Advisers now owns 72,010 shares of the technology company’s stock worth $5,491,000 after purchasing an additional 846 shares during the last quarter. Sawtooth Solutions LLC grew its position in Plantronics by 32.0% during the 2nd quarter. Sawtooth Solutions LLC now owns 4,503 shares of the technology company’s stock worth $343,000 after purchasing an additional 1,092 shares during the last quarter. Finally, United Services Automobile Association grew its position in Plantronics by 6.5% during the 2nd quarter. United Services Automobile Association now owns 18,907 shares of the technology company’s stock worth $1,442,000 after purchasing an additional 1,153 shares during the last quarter. 77.45% of the stock is currently owned by institutional investors.
Shares of NYSE PLT opened at $48.34 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.57 and a debt-to-equity ratio of 2.18. Plantronics Inc has a 52 week low of $46.52 and a 52 week high of $82.28. The stock has a market capitalization of $1.99 billion, a P/E ratio of 17.84 and a beta of 1.09.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Tuesday, November 20th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Monday, November 19th. Plantronics’s dividend payout ratio (DPR) is 22.14%.
In related news, CEO Joseph B. Burton sold 4,727 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $59.45, for a total value of $281,020.15. Following the completion of the sale, the chief executive officer now owns 123,599 shares in the company, valued at $7,347,960.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 4,820 shares of company stock valued at $286,736 in the last quarter. Company insiders own 1.70% of the company’s stock.
Several brokerages have recently weighed in on PLT. Sidoti raised shares of Plantronics from a “neutral” rating to a “buy” rating in a report on Wednesday, August 8th. They noted that the move was a valuation call. TheStreet downgraded shares of Plantronics from a “b-” rating to a “c+” rating in a report on Friday, September 14th. Zacks Investment Research downgraded shares of Plantronics from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 14th. Finally, ValuEngine downgraded shares of Plantronics from a “buy” rating to a “hold” rating in a report on Monday, November 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $68.00.
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Plantronics Company Profile
Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.
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