Jeff Loebbaka Sells 4,614 Shares of Plantronics Inc (PLT) Stock

Plantronics Inc (NYSE:PLT) insider Jeff Loebbaka sold 4,614 shares of the firm’s stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $45.02, for a total value of $207,722.28. Following the completion of the transaction, the insider now directly owns 36,186 shares in the company, valued at $1,629,093.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Shares of PLT stock traded down $2.45 during trading on Tuesday, reaching $43.15. The company had a trading volume of 661,573 shares, compared to its average volume of 343,195. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 15.92 and a beta of 1.04. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.29 and a current ratio of 1.57. Plantronics Inc has a one year low of $41.99 and a one year high of $82.28.

Plantronics (NYSE:PLT) last released its earnings results on Tuesday, November 6th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($1.05). The business had revenue of $483.07 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 129.7% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. On average, analysts forecast that Plantronics Inc will post 1.87 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Tuesday, November 20th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Monday, November 19th. Plantronics’s dividend payout ratio (DPR) is currently 22.14%.

Plantronics announced that its board has initiated a share buyback plan on Thursday, November 29th that allows the company to repurchase 1,000,000 outstanding shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Quadrant L P CA grew its holdings in Plantronics by 6.7% in the 3rd quarter. First Quadrant L P CA now owns 21,360 shares of the technology company’s stock valued at $1,288,000 after buying an additional 1,350 shares during the last quarter. Trellus Management Company LLC acquired a new stake in Plantronics in the 3rd quarter valued at approximately $1,055,000. Meeder Asset Management Inc. grew its holdings in Plantronics by 10.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 15,385 shares of the technology company’s stock valued at $927,000 after buying an additional 1,438 shares during the last quarter. Profit Investment Management LLC grew its holdings in Plantronics by 28.2% in the 3rd quarter. Profit Investment Management LLC now owns 52,199 shares of the technology company’s stock valued at $3,147,000 after buying an additional 11,498 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Plantronics by 4.2% in the 2nd quarter. BlackRock Inc. now owns 3,784,999 shares of the technology company’s stock valued at $288,606,000 after buying an additional 152,066 shares during the last quarter. 97.51% of the stock is currently owned by hedge funds and other institutional investors.

PLT has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Plantronics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 14th. TheStreet downgraded Plantronics from a “b-” rating to a “c+” rating in a research note on Friday, September 14th. ValuEngine downgraded Plantronics from a “buy” rating to a “hold” rating in a research note on Monday, November 12th. Finally, Sidoti raised 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Plantronics presently has an average rating of “Hold” and an average price target of $68.00.

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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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