Brokerages Set Plantronics, Inc. (NYSE:PLT) PT at $62.00

Shares of Plantronics, Inc. (NYSE:PLT) have earned a consensus recommendation of “Hold” from the five analysts that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $60.00.

A number of brokerages have weighed in on PLT. Zacks Investment Research downgraded Plantronics from a “hold” rating to a “sell” rating in a research report on Thursday. J P Morgan Chase & Co downgraded Plantronics from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $63.00 to $60.00 in a research report on Friday, July 28th. Northland Securities set a $57.00 price target on Plantronics and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Finally, BidaskClub downgraded Plantronics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th.

In related news, Director Marvin Tseu sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $54.50, for a total value of $193,257.00. Following the completion of the sale, the director now directly owns 20,084 shares in the company, valued at $1,094,578. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Marshall Mohr sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $53.14, for a total value of $159,420.00. Following the completion of the sale, the director now owns 22,384 shares of the company’s stock, valued at $1,189,485.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,586 shares of company stock valued at $354,913. Corporate insiders own 3.20% of the company’s stock.

Several large investors have recently modified their holdings of PLT. Elkfork Partners LLC boosted its stake in shares of Plantronics by 24.6% in the first quarter. Elkfork Partners LLC now owns 2,268 shares of the technology company’s stock valued at $123,000 after buying an additional 448 shares during the period. LS Investment Advisors LLC boosted its stake in shares of Plantronics by 17.6% in the second quarter. LS Investment Advisors LLC now owns 2,641 shares of the technology company’s stock valued at $138,000 after buying an additional 395 shares during the period. Meadow Creek Investment Management LLC boosted its stake in shares of Plantronics by 24.6% in the first quarter. Meadow Creek Investment Management LLC now owns 2,754 shares of the technology company’s stock valued at $149,000 after buying an additional 544 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Plantronics by 119.7% in the first quarter. Victory Capital Management Inc. now owns 2,810 shares of the technology company’s stock valued at $152,000 after buying an additional 1,531 shares during the period. Finally, Koch Industries Inc. bought a new stake in shares of Plantronics during the first quarter valued at about $202,000. Institutional investors and hedge funds own 90.88% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was first published by [[site]] and is owned by of [[site]]. If you are reading this article on another website, it was stolen and reposted in violation of United States & international copyright legislation. The correct version of this article can be read at [[permalink]].

Shares of Plantronics (PLT) traded down 0.09% on Tuesday, hitting $44.73. The stock had a trading volume of 197,234 shares. Plantronics has a 12-month low of $43.51 and a 12-month high of $58.27. The firm has a market cap of $1.45 billion, a P/E ratio of 18.18 and a beta of 1.27. The company’s 50-day moving average price is $52.41 and its 200 day moving average price is $53.69.

Plantronics (NYSE:PLT) last released its earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The company had revenue of $203.90 million during the quarter, compared to analyst estimates of $217.11 million. Plantronics had a net margin of 9.40% and a return on equity of 21.31%. Plantronics’s revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.76 EPS. On average, equities research analysts forecast that Plantronics will post $2.97 earnings per share for the current fiscal year.

Plantronics announced that its Board of Directors has initiated a share repurchase program on Thursday, July 27th that permits the company to buyback 1,000,000 shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend is Wednesday, August 16th. Plantronics’s dividend payout ratio is presently 24.29%.

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.