Macquarie Group Ltd. increased its stake in Plantronics, Inc. (NYSE:PLT) by 16.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 473,522 shares of the technology company’s stock after purchasing an additional 66,655 shares during the period. Macquarie Group Ltd. owned approximately 1.46% of Plantronics worth $24,770,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of PLT. Russell Investments Group Ltd. boosted its stake in Plantronics by 67.4% in the first quarter. Russell Investments Group Ltd. now owns 23,400 shares of the technology company’s stock worth $1,266,000 after buying an additional 9,423 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Plantronics by 3.7% in the first quarter. Great West Life Assurance Co. Can now owns 20,577 shares of the technology company’s stock worth $1,113,000 after buying an additional 727 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Plantronics by 0.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 15,481 shares of the technology company’s stock worth $838,000 after buying an additional 84 shares in the last quarter. First Trust Advisors LP boosted its stake in Plantronics by 52.4% in the first quarter. First Trust Advisors LP now owns 21,375 shares of the technology company’s stock worth $1,157,000 after buying an additional 7,348 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Plantronics by 14.2% in the first quarter. US Bancorp DE now owns 4,477 shares of the technology company’s stock worth $242,000 after buying an additional 555 shares in the last quarter. 91.20% of the stock is owned by institutional investors and hedge funds.
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Shares of Plantronics, Inc. (NYSE:PLT) opened at 44.64 on Wednesday. The firm has a 50-day moving average price of $43.28 and a 200 day moving average price of $49.79. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 18.15 and a beta of 1.28. Plantronics, Inc. has a 52 week low of $41.28 and a 52 week high of $58.27.
Plantronics (NYSE:PLT) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.05). Plantronics had a return on equity of 21.31% and a net margin of 9.40%. The firm had revenue of $203.90 million during the quarter, compared to the consensus estimate of $217.11 million. During the same period in the previous year, the firm earned $0.76 EPS. The business’s revenue was down 8.6% compared to the same quarter last year. On average, analysts forecast that Plantronics, Inc. will post $2.88 EPS for the current fiscal year.
Plantronics declared that its Board of Directors has approved a share buyback program on Thursday, July 27th that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
PLT has been the subject of several research reports. Northland Securities set a $57.00 target price on Plantronics and gave the stock a “buy” rating in a research note on Tuesday, July 25th. BidaskClub lowered Plantronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research raised Plantronics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 4th. J P Morgan Chase & Co lowered Plantronics from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $63.00 to $60.00 in a research note on Friday, July 28th. Finally, TheStreet lowered Plantronics from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $60.00.
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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