Stock Traders Purchase Large Volume of Call Options on Plantronics (PLT)

Plantronics Inc (NYSE:PLT) was the target of some unusual options trading on Tuesday. Stock traders bought 736 call options on the company. This represents an increase of approximately 951% compared to the average daily volume of 70 call options.

A number of equities research analysts recently commented on the company. Sidoti upgraded 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. ValuEngine downgraded Plantronics from a “buy” rating to a “hold” rating in a report on Monday. TheStreet downgraded Plantronics from a “b-” rating to a “c+” rating in a report on Friday, September 14th. Finally, Zacks Investment Research downgraded Plantronics from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $68.00.

In related news, CEO Joseph B. Burton sold 4,727 shares of the company’s stock in a transaction dated 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 in the company, valued at $7,347,960.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 4,820 shares of company stock valued at $286,736 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in PLT. Renaissance Technologies LLC increased its holdings in shares of Plantronics by 77.8% in the third quarter. Renaissance Technologies LLC now owns 1,266,700 shares of the technology company’s stock worth $76,382,000 after acquiring an additional 554,200 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Plantronics by 5.4% in the third quarter. BlackRock Inc. now owns 3,989,325 shares of the technology company’s stock worth $240,556,000 after acquiring an additional 204,326 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in shares of Plantronics in the third quarter worth about $9,538,000. Prudential Financial Inc. increased its holdings in shares of Plantronics by 22.2% in the third quarter. Prudential Financial Inc. now owns 659,365 shares of the technology company’s stock worth $39,759,000 after acquiring an additional 119,846 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Plantronics in the third quarter worth about $7,064,000. Institutional investors own 77.33% of the company’s stock.

NYSE PLT opened at $53.70 on Wednesday. The stock has a market capitalization of $2.15 billion, a P/E ratio of 19.82 and a beta of 1.09. The company has a quick ratio of 1.29, a current ratio of 1.57 and a debt-to-equity ratio of 2.18. Plantronics has a 12 month low of $49.79 and a 12 month high of $82.28.

Plantronics (NYSE:PLT) last announced its quarterly earnings results on Tuesday, November 6th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($1.05). Plantronics had a positive return on equity of 20.46% and a negative net margin of 9.75%. The business had revenue of $483.07 million during the quarter, compared to the consensus estimate of $506.32 million. During the same quarter last year, the company earned $0.59 earnings per share. The firm’s revenue was up 129.7% compared to the same quarter last year. On average, equities research analysts predict that Plantronics will post 1.87 EPS for the current year.

The firm also recently declared 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. The ex-dividend date is Monday, November 19th. This represents a $0.60 annualized dividend and a dividend yield of 1.12%. Plantronics’s dividend payout ratio (DPR) is currently 22.14%.

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About Plantronics

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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