Trexquant Investment LP Takes $720,000 Position in Plantronics Inc (PLT)

Trexquant Investment LP acquired a new position in shares of Plantronics Inc (NYSE:PLT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,938 shares of the technology company’s stock, valued at approximately $720,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Amalgamated Bank grew its stake in Plantronics by 14.5% during the 2nd quarter. Amalgamated Bank now owns 5,413 shares of the technology company’s stock worth $413,000 after buying an additional 685 shares during the last quarter. Creative Planning purchased a new position in Plantronics during the 2nd quarter worth approximately $245,000. BNP Paribas Arbitrage SA grew its stake in Plantronics by 8.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 10,029 shares of the technology company’s stock worth $765,000 after buying an additional 808 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in Plantronics during the 2nd quarter worth approximately $242,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Plantronics during the 2nd quarter worth approximately $685,000. Institutional investors and hedge funds own 97.51% of the company’s stock.

PLT has been the topic of a number of research reports. Sidoti upgraded Plantronics from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 8th. They noted that the move was a valuation call. TheStreet cut Plantronics from a “b-” rating to a “c+” rating in a research report on Friday, September 14th. ValuEngine cut Plantronics from a “buy” rating to a “hold” rating in a research report on Monday, November 12th. Finally, Zacks Investment Research cut Plantronics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $68.00.

PLT opened at $45.77 on Monday. The company has a quick ratio of 1.29, a current ratio of 1.57 and a debt-to-equity ratio of 2.18. The company has a market capitalization of $1.82 billion, a PE ratio of 16.89 and a beta of 1.04. Plantronics Inc has a 12 month low of $41.99 and a 12 month high of $82.28.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Stockholders 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 dividend yield of 1.31%. The ex-dividend date is Monday, November 19th. Plantronics’s dividend payout ratio is currently 22.14%.

Plantronics announced that its Board of Directors has approved a share buyback plan on Thursday, November 29th that allows the company to repurchase 1,000,000 shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

In other news, CEO Joseph B. Burton sold 4,727 shares of Plantronics stock in a transaction on Monday, October 1st. The stock was sold at an average price of $59.45, for a total value of $281,020.15. Following the completion of the sale, the chief executive officer now owns 123,599 shares of the company’s stock, valued at $7,347,960.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 4,820 shares of company stock valued at $286,736. Company insiders own 1.70% of the company’s stock.

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Plantronics Company Profile

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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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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