Comerica Bank Increases Stake in Plantronics Inc (PLT)

Comerica Bank grew its stake in shares of Plantronics Inc (NYSE:PLT) by 31.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 68,210 shares of the technology company’s stock after buying an additional 16,361 shares during the quarter. Comerica Bank’s holdings in Plantronics were worth $3,577,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Teachers Advisors LLC lifted its position in shares of Plantronics by 4.6% during the 3rd quarter. Teachers Advisors LLC now owns 65,503 shares of the technology company’s stock worth $3,950,000 after purchasing an additional 2,870 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Plantronics by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,380,686 shares of the technology company’s stock worth $203,856,000 after purchasing an additional 145,823 shares during the last quarter. Legal & General Group Plc increased its stake in Plantronics by 1.4% during the third quarter. Legal & General Group Plc now owns 33,792 shares of the technology company’s stock valued at $2,038,000 after acquiring an additional 462 shares during the period. Bowling Portfolio Management LLC bought a new position in Plantronics during the fourth quarter valued at about $291,000. Finally, Eqis Capital Management Inc. increased its stake in Plantronics by 12.1% during the fourth quarter. Eqis Capital Management Inc. now owns 33,700 shares of the technology company’s stock valued at $1,115,000 after acquiring an additional 3,632 shares during the period. Hedge funds and other institutional investors own 99.34% of the company’s stock.

PLT has been the topic of several research reports. Zacks Investment Research upgraded Plantronics from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Thursday, February 7th. Northland Securities restated a “buy” rating and set a $85.00 price target on shares of Plantronics in a research note on Thursday, March 21st. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Plantronics currently has a consensus rating of “Buy” and a consensus price target of $65.00.

In related news, Director Marvin Tseu sold 4,238 shares of the stock in a transaction that occurred on Thursday, February 21st. The stock was sold at an average price of $48.88, for a total transaction of $207,153.44. Following the sale, the director now directly owns 24,876 shares in the company, valued at approximately $1,215,938.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Guido Jouret purchased 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The shares were acquired at an average price of $49.03 per share, for a total transaction of $73,545.00. Following the completion of the transaction, the director now owns 4,988 shares in the company, valued at $244,561.64. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.

Shares of PLT opened at $45.58 on Friday. Plantronics Inc has a 12-month low of $30.90 and a 12-month high of $82.28. The company has a debt-to-equity ratio of 2.27, a quick ratio of 1.14 and a current ratio of 1.48. The stock has a market cap of $1.86 billion, a P/E ratio of 11.40 and a beta of 1.52.

Plantronics (NYSE:PLT) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.22. Plantronics had a positive return on equity of 19.98% and a negative net margin of 8.10%. The firm had revenue of $488.00 million for the quarter, compared to analyst estimates of $481.43 million. During the same period in the previous year, the company posted $1.05 earnings per share. The company’s quarterly revenue was up 125.9% compared to the same quarter last year. Analysts anticipate that Plantronics Inc will post 5.06 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Monday, May 20th will be paid a $0.15 dividend. The ex-dividend date is Friday, May 17th. This represents a $0.60 annualized dividend and a dividend yield of 1.32%. Plantronics’s dividend payout ratio is currently 15.00%.

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Plantronics Company Profile

Plantronics, Inc designs, manufactures, and markets integrated communications and collaborations solutions for consumers and businesses worldwide. The company offers its communications and collaboration solutions for voice, video, and content sharing, as well as a line of support and services for the workplace under the Polycom brand.

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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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