Zacks Investment Research cut shares of Plexus (NASDAQ:PLXS) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports. The brokerage currently has $65.00 target price on the technology company’s stock.
According to Zacks, “Plexus continues to benefit from strong end-market demand in Healthcare/Life Sciences and Aerospace/Defense segments. Robust backlog of engineering contracts bodes well for the company in the long haul. Global expansion and new program wins are key positives for Plexus. Notably, shares have outperformed the industry on a year-to-date basis. Meanwhile, estimates have been stable ahead of the company’s third-quarter earnings release. However, the company has mixed record of earnings surprises in recent quarters. Its dependence on a few large customers for a major part of its revenues is a concern. Sluggish Communications end market is expected to negatively impact Plexus’ top line. Further, weakness in semiconductor capital equipment space is an overhang.”
PLXS has been the subject of several other reports. Sidoti set a $72.00 price target on Plexus and gave the company a buy rating in a research report on Friday, June 14th. BidaskClub cut Weyco Group from a sell rating to a strong sell rating in a research report on Saturday, July 13th. Finally, Needham & Company LLC raised their price objective on Lam Research from $180.00 to $215.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $69.67.
Plexus (NASDAQ:PLXS) last issued its quarterly earnings results on Wednesday, July 17th. The technology company reported $0.81 EPS for the quarter, meeting the consensus estimate of $0.81. Plexus had a return on equity of 12.40% and a net margin of 4.62%. The firm had revenue of $799.64 million during the quarter, compared to analysts’ expectations of $783.30 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Plexus will post 3.46 earnings per share for the current fiscal year.
In other news, CEO Todd P. Kelsey sold 10,693 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $60.89, for a total value of $651,096.77. Following the completion of the sale, the chief executive officer now directly owns 87,548 shares of the company’s stock, valued at $5,330,797.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Ronnie Darroch sold 4,325 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $60.56, for a total value of $261,922.00. Following the completion of the sale, the vice president now directly owns 8,451 shares of the company’s stock, valued at $511,792.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,493 shares of company stock valued at $1,485,704. Insiders own 3.90% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund lifted its position in shares of Plexus by 1.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 12,386 shares of the technology company’s stock valued at $723,000 after buying an additional 200 shares during the last quarter. Piedmont Investment Advisors Inc. increased its stake in shares of Plexus by 4.0% during the first quarter. Piedmont Investment Advisors Inc. now owns 7,784 shares of the technology company’s stock worth $474,000 after purchasing an additional 301 shares during the period. Texas Permanent School Fund increased its stake in shares of Plexus by 1.9% during the first quarter. Texas Permanent School Fund now owns 20,990 shares of the technology company’s stock worth $1,279,000 after purchasing an additional 399 shares during the period. Rhumbline Advisers increased its stake in shares of Plexus by 0.7% during the first quarter. Rhumbline Advisers now owns 97,868 shares of the technology company’s stock worth $5,965,000 after purchasing an additional 715 shares during the period. Finally, Two Sigma Advisers LP increased its stake in shares of Plexus by 2.0% during the fourth quarter. Two Sigma Advisers LP now owns 39,813 shares of the technology company’s stock worth $2,034,000 after purchasing an additional 788 shares during the period. 94.51% of the stock is owned by institutional investors.
Plexus Company Profile
Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers design and development, supply chain, new product introduction, and manufacturing solutions, as well as aftermarket services. The company provides its solutions to companies in the healthcare and life sciences, industrial and commercial, communications, and aerospace and defense sectors.
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