Lapides Asset Management LLC reduced its position in shares of Plantronics Inc (NYSE:PLT) by 36.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 42,200 shares of the technology company’s stock after selling 24,100 shares during the quarter. Lapides Asset Management LLC’s holdings in Plantronics were worth $3,218,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Plantronics by 4.3% during the 1st quarter. BlackRock Inc. now owns 3,632,933 shares of the technology company’s stock valued at $219,321,000 after purchasing an additional 149,292 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of Plantronics in the first quarter worth approximately $52,342,000. Prudential Financial Inc. grew its stake in shares of Plantronics by 14.6% in the first quarter. Prudential Financial Inc. now owns 455,755 shares of the technology company’s stock worth $27,514,000 after acquiring an additional 57,927 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of Plantronics by 26.3% in the first quarter. Lord Abbett & CO. LLC now owns 412,306 shares of the technology company’s stock worth $24,891,000 after acquiring an additional 85,857 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH grew its stake in shares of Plantronics by 13.3% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 382,570 shares of the technology company’s stock worth $29,171,000 after acquiring an additional 45,000 shares during the period. Institutional investors and hedge funds own 92.39% of the company’s stock.
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Plantronics opened at $68.61 on Thursday, according to MarketBeat Ratings. The company has a current ratio of 7.17, a quick ratio of 6.62 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $3.38 billion, a P/E ratio of 25.32 and a beta of 1.16. Plantronics Inc has a 12-month low of $41.28 and a 12-month high of $82.28.
Plantronics (NYSE:PLT) last posted its quarterly earnings data on Tuesday, May 1st. The technology company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.25. The company had revenue of $216.10 million for the quarter, compared to the consensus estimate of $208.49 million. Plantronics had a negative net margin of 0.10% and a positive return on equity of 24.88%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. equities research analysts predict that Plantronics Inc will post 3.33 earnings per share for the current year.
PLT has been the subject of a number of research analyst reports. Sidoti lowered shares of Plantronics from a “buy” rating to a “neutral” rating in a research note on Monday, July 9th. ValuEngine upgraded shares of Plantronics from a “hold” rating to a “buy” rating in a research note on Wednesday, May 23rd. Zacks Investment Research upgraded shares of Plantronics from a “hold” rating to a “strong-buy” rating and set a $92.00 price target for the company in a research note on Saturday, July 7th. Finally, TheStreet upgraded shares of Plantronics from a “c” rating to a “b-” rating in a research note on Thursday, May 24th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $68.00.
In related news, insider Pamela J. Strayer sold 3,903 shares of the firm’s stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $66.29, for a total value of $258,729.87. Following the transaction, the insider now owns 47,300 shares of the company’s stock, valued at $3,135,517. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Marshall Mohr sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $66.53, for a total transaction of $199,590.00. Following the completion of the transaction, the director now directly owns 24,039 shares in the company, valued at approximately $1,599,314.67. The disclosure for this sale can be found here. In the last three months, insiders sold 12,502 shares of company stock worth $879,191. 1.70% of the stock is currently owned by insiders.
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 also manufactures and markets specialty telephone products under the Clarity brand.
Further Reading: Earnings Per Share (EPS)
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