Plantronics Inc (PLT) Holdings Trimmed by Comerica Bank

Comerica Bank cut its stake in shares of Plantronics Inc (NYSE:PLT) by 52.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 50,667 shares of the technology company’s stock after selling 55,593 shares during the period. Comerica Bank’s holdings in Plantronics were worth $2,988,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. First Quadrant L P CA lifted its stake in Plantronics by 6.7% during 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 acquiring an additional 1,350 shares in the last quarter. BlackRock Inc. lifted its stake in Plantronics by 4.2% during the 2nd quarter. BlackRock Inc. now owns 3,784,999 shares of the technology company’s stock valued at $288,606,000 after acquiring an additional 152,066 shares in the last quarter. Millennium Management LLC lifted its stake in Plantronics by 104.0% during the 2nd quarter. Millennium Management LLC now owns 40,008 shares of the technology company’s stock valued at $3,051,000 after acquiring an additional 20,400 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Plantronics during the 2nd quarter valued at $212,000. Finally, Profit Investment Management LLC lifted its stake in Plantronics by 28.2% during the 3rd quarter. Profit Investment Management LLC now owns 52,199 shares of the technology company’s stock valued at $3,147,000 after acquiring an additional 11,498 shares in the last quarter. Institutional investors and hedge funds own 77.45% of the company’s stock.

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

In other news, CEO Joseph B. Burton sold 4,727 shares of Plantronics stock in a transaction on Monday, October 1st. The stock was sold at an average price of $59.45, for a total transaction of $281,020.15. Following the sale, the chief executive officer now directly owns 123,599 shares in the company, valued at approximately $7,347,960.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 4,820 shares of company stock worth $286,736 over the last quarter. Company insiders own 1.70% of the company’s stock.

NYSE PLT opened at $50.15 on Friday. The firm has a market cap of $1.92 billion, a PE ratio of 18.51 and a beta of 1.09. Plantronics Inc has a one year low of $46.52 and a one year high of $82.28. The company has a current ratio of 1.57, a quick ratio of 1.29 and a debt-to-equity ratio of 2.18.

Plantronics (NYSE:PLT) last released its earnings results on Tuesday, November 6th. The technology company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($1.05). The business had revenue of $483.07 million for the quarter, compared to the consensus estimate of $506.32 million. Plantronics had a positive return on equity of 20.46% and a negative net margin of 9.75%. The company’s revenue for the quarter was up 129.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.59 earnings per share. As a group, sell-side 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. Stockholders of record on Tuesday, November 20th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Monday, November 19th. Plantronics’s payout ratio is 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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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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