Plantronics (NYSE:PLT) announced that its board has authorized a stock repurchase program, which authorizes the company to buyback 1,000,000 shares on Thursday, July 27th, EventVestor reports. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Shares of Plantronics (NYSE PLT) opened at 44.86 on Wednesday. The stock’s 50 day moving average price is $52.41 and its 200 day moving average price is $53.69. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.46 and a beta of 1.30. Plantronics has a 1-year low of $43.51 and a 1-year high of $58.27.
Plantronics (NYSE:PLT) last issued its earnings results on Thursday, July 27th. The technology company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.75 by $0.05. The business had revenue of $203.90 million for the quarter, compared to the consensus estimate of $217.11 million. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. The business’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 EPS. Analysts expect that Plantronics will post $3.28 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Wednesday, August 16th. Plantronics’s payout ratio is 24.29%.
Several equities research analysts have recently weighed in on the company. J P Morgan Chase & Co raised Plantronics from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $59.00 to $63.00 in a research note on Thursday, June 1st. Zacks Investment Research lowered 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 Plantronics and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, BidaskClub lowered Plantronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Plantronics has a consensus rating of “Hold” and an average price target of $58.25.
In other Plantronics news, Director Marshall Mohr sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $53.14, for a total transaction of $159,420.00. Following the completion of the sale, the director now owns 22,384 shares in the company, valued at approximately $1,189,485.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Marvin Tseu sold 3,546 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $54.50, for a total transaction of $193,257.00. Following the sale, the director now owns 20,084 shares of the company’s stock, valued at approximately $1,094,578. The disclosure for this sale can be found here. Insiders have sold a total of 6,586 shares of company stock valued at $354,913 in the last quarter. Corporate 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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