Plexus Corp. (NASDAQ:PLXS) PT Raised to $54.00

Plexus Corp. (NASDAQ:PLXS) had its target price increased by stock analysts at Deutsche Bank AG from $50.00 to $54.00 in a research note issued to investors on Friday. The brokerage presently has a “hold” rating on the technology company’s stock. Deutsche Bank AG’s price objective points to a potential downside of 0.84% from the company’s current price.

Several other analysts have also recently issued reports on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $54.00 price objective (up from $50.00) on shares of Plexus Corp. in a research note on Friday. ValuEngine cut Plexus Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Zacks Investment Research upgraded Plexus Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. J P Morgan Chase & Co began coverage on Plexus Corp. in a research note on Tuesday, April 4th. They issued a “neutral” rating and a $65.00 price objective on the stock. Finally, BidaskClub cut Plexus Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $58.25.

Shares of Plexus Corp. (PLXS) opened at 54.46 on Friday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 18.28 and a beta of 0.93. The firm’s 50-day moving average price is $52.66 and its 200-day moving average price is $54.20. Plexus Corp. has a 12 month low of $43.56 and a 12 month high of $58.74.

Plexus Corp. (NASDAQ:PLXS) last released its quarterly earnings results on Wednesday, July 19th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.72 by $0.02. Plexus Corp. had a return on equity of 10.76% and a net margin of 4.07%. The business had revenue of $618.80 million during the quarter, compared to analyst estimates of $608.95 million. During the same period last year, the business posted $0.82 earnings per share. The company’s quarterly revenue was down 7.3% on a year-over-year basis. Equities research analysts expect that Plexus Corp. will post $3.23 EPS for the current year.

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In other Plexus Corp. news, insider Oliver K. Mihm sold 2,749 shares of Plexus Corp. stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $54.87, for a total value of $150,837.63. Following the sale, the insider now owns 6,223 shares of the company’s stock, valued at approximately $341,456.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd P. Kelsey sold 2,000 shares of Plexus Corp. stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $53.49, for a total value of $106,980.00. Following the completion of the sale, the chief executive officer now directly owns 57,175 shares in the company, valued at approximately $3,058,290.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,449 shares of company stock worth $872,778. Corporate insiders own 4.30% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Plexus Corp. by 50,519.1% in the first quarter. BlackRock Inc. now owns 4,267,193 shares of the technology company’s stock worth $246,644,000 after buying an additional 4,258,763 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Plexus Corp. by 6.8% in the first quarter. Vanguard Group Inc. now owns 3,256,888 shares of the technology company’s stock worth $188,249,000 after buying an additional 207,360 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Plexus Corp. by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,661,720 shares of the technology company’s stock worth $153,848,000 after buying an additional 95,203 shares in the last quarter. State Street Corp raised its stake in shares of Plexus Corp. by 2.1% in the first quarter. State Street Corp now owns 834,070 shares of the technology company’s stock worth $48,208,000 after buying an additional 17,023 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Plexus Corp. by 40.4% in the first quarter. Bank of New York Mellon Corp now owns 594,199 shares of the technology company’s stock worth $34,344,000 after buying an additional 170,844 shares in the last quarter. 93.60% of the stock is currently owned by institutional investors.

About Plexus Corp.

Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. The Company delivers end-to-end solutions for customers in the Americas (AMER), Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.