JPMorgan Chase & Co. boosted its holdings in Plantronics, Inc. (NYSE:PLT) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 190,021 shares of the technology company’s stock after acquiring an additional 1,158 shares during the quarter. JPMorgan Chase & Co. owned 0.57% of Plantronics worth $8,411,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall Wace North America L.P. bought a new position in Plantronics in the 2nd quarter worth about $2,884,000. Principal Financial Group Inc. increased its stake in Plantronics by 1.7% in the 2nd quarter. Principal Financial Group Inc. now owns 576,567 shares of the technology company’s stock worth $30,160,000 after acquiring an additional 9,679 shares during the last quarter. Prudential Financial Inc. increased its stake in Plantronics by 2.0% in the 2nd quarter. Prudential Financial Inc. now owns 475,996 shares of the technology company’s stock worth $24,899,000 after acquiring an additional 9,376 shares during the last quarter. Vanguard Group Inc. increased its stake in Plantronics by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 2,762,404 shares of the technology company’s stock worth $144,502,000 after acquiring an additional 34,223 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new position in Plantronics in the 2nd quarter worth about $1,245,000. Institutional investors and hedge funds own 90.89% of the company’s stock.
In other news, Director Maria Martinez sold 2,874 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $51.25, for a total value of $147,292.50. Following the completion of the transaction, the director now directly owns 7,389 shares in the company, valued at approximately $378,686.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph B. Burton sold 3,188 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $51.87, for a total value of $165,361.56. Following the completion of the transaction, the chief executive officer now owns 92,373 shares of the company’s stock, valued at $4,791,387.51. The disclosure for this sale can be found here. Insiders sold a total of 27,145 shares of company stock valued at $1,420,777 over the last quarter. Company insiders own 3.20% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Monday, November 20th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, November 17th. Plantronics’s payout ratio is currently 24.59%.
A number of brokerages have weighed in on PLT. TheStreet upgraded Plantronics from a “c+” rating to a “b” rating in a research note on Friday, November 24th. Roth Capital set a $55.00 price objective on Plantronics and gave the stock a “buy” rating in a report on Wednesday, November 1st. Finally, Zacks Investment Research upgraded Plantronics from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Plantronics presently has an average rating of “Hold” and an average target price of $57.33.
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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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