Plantronics (PLT) Trading 5.5% Higher

Plantronics Inc (NYSE:PLT) traded up 5.5% on Thursday . The stock traded as high as $47.50 and last traded at $46.58. 1,076,200 shares were traded during mid-day trading, an increase of 220% from the average session volume of 336,402 shares. The stock had previously closed at $44.15.

Several equities research analysts have weighed in on the stock. Sidoti upgraded shares of Plantronics from a “neutral” rating to a “buy” rating in a report on Wednesday, August 8th. They noted that the move was a valuation call. TheStreet lowered shares of Plantronics from a “b-” rating to a “c+” rating in a report on Friday, September 14th. Zacks Investment Research lowered shares of Plantronics from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 14th. Finally, ValuEngine lowered shares of Plantronics from a “buy” rating to a “hold” rating in a report on Monday, November 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Plantronics currently has an average rating of “Hold” and a consensus price target of $68.00.

The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.29 and a current ratio of 1.57. The stock has a market capitalization of $1.85 billion, a PE ratio of 16.89 and a beta of 1.09.

Plantronics (NYSE:PLT) last released its earnings results on Tuesday, November 6th. The technology company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($1.05). The business had revenue of $483.07 million during the quarter, compared to the consensus estimate of $506.32 million. Plantronics had a negative net margin of 9.75% and a positive return on equity of 20.46%. The firm’s revenue for the quarter was up 129.7% on a year-over-year basis. During the same period last year, the business posted $0.59 EPS. On average, equities analysts anticipate that Plantronics Inc will post 1.87 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Tuesday, November 20th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Monday, November 19th. Plantronics’s dividend payout ratio (DPR) is currently 22.14%.

Plantronics declared that its board has authorized a share repurchase plan on Thursday, November 29th that allows the company to repurchase 1,000,000 shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In related news, CEO Joseph B. Burton sold 4,727 shares of the firm’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $59.45, for a total value of $281,020.15. Following the completion of the transaction, the chief executive officer now owns 123,599 shares of the company’s stock, valued at $7,347,960.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 4,820 shares of company stock valued at $286,736. 1.70% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. acquired a new stake in shares of Plantronics during the 2nd quarter worth about $122,000. Cubist Systematic Strategies LLC acquired a new stake in Plantronics in the 2nd quarter worth about $212,000. Burney Co. acquired a new stake in Plantronics in the 2nd quarter worth about $225,000. Crossmark Global Holdings Inc. acquired a new stake in Plantronics in the 2nd quarter worth about $242,000. Finally, Creative Planning acquired a new stake in Plantronics in the 2nd quarter worth about $245,000. Hedge funds and other institutional investors own 77.45% of the company’s stock.

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Plantronics Company Profile (NYSE:PLT)

Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.

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