Plantronics (PLT) Announces Earnings Results, Misses Estimates By $0.88 EPS

Plantronics (NYSE:PLT) issued its quarterly earnings results on Tuesday. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.88), Fidelity Earnings reports. The business had revenue of $483.07 million for the quarter, compared to analysts’ expectations of $506.32 million. Plantronics had a negative net margin of 0.60% and a positive return on equity of 25.39%. The company’s revenue was up 129.7% on a year-over-year basis. During the same period last year, the business earned $0.59 earnings per share. Plantronics updated its Q3 2019 guidance to $0.53-0.78 EPS and its Q3 guidance to $0.53-0.78 EPS.

Shares of Plantronics stock opened at $60.92 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 7.40 and a quick ratio of 6.86. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 22.48 and a beta of 1.09. Plantronics has a 52-week low of $49.79 and a 52-week high of $82.28.

Several research analysts have issued reports on the stock. Sidoti raised 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 cut shares of Plantronics from a “b-” rating to a “c+” rating in a report on Friday, September 14th. Finally, Zacks Investment Research cut shares of Plantronics from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $68.00.

In other Plantronics news, CEO Joseph B. Burton sold 4,727 shares of Plantronics stock in a transaction dated 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 directly owns 123,599 shares of the company’s stock, valued at $7,347,960.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 4,789 shares of company stock valued at $284,828 over the last ninety days. Corporate insiders own 1.70% of the company’s stock.

Several hedge funds have recently made changes to their positions in PLT. Renaissance Technologies LLC grew its stake in shares of Plantronics by 76.0% in the second quarter. Renaissance Technologies LLC now owns 712,500 shares of the technology company’s stock worth $54,328,000 after acquiring an additional 307,700 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Plantronics in the third quarter worth approximately $9,538,000. BlackRock Inc. grew its stake in shares of Plantronics by 4.2% in the second quarter. BlackRock Inc. now owns 3,784,999 shares of the technology company’s stock worth $288,606,000 after acquiring an additional 152,066 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Plantronics in the third quarter worth approximately $7,064,000. Finally, Wells Fargo & Company MN grew its stake in shares of Plantronics by 81.1% in the third quarter. Wells Fargo & Company MN now owns 166,108 shares of the technology company’s stock worth $10,016,000 after acquiring an additional 74,372 shares during the period. Hedge funds and other institutional investors own 77.51% 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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Earnings History for Plantronics (NYSE:PLT)

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