Plantronics (NYSE:PLT) Trading 7.1% Higher

Plantronics Inc (NYSE:PLT) traded up 7.1% during mid-day trading on Wednesday . The company traded as high as $36.32 and last traded at $36.28, 490,100 shares changed hands during mid-day trading. An increase of 5% from the average session volume of 468,975 shares. The stock had previously closed at $33.88.

A number of analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Plantronics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Evercore ISI assumed coverage on shares of Plantronics in a research note on Thursday, June 27th. They issued an “outperform” rating and a $50.00 price objective for the company. Cowen set a $61.00 price objective on shares of Plantronics and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Sidoti set a $83.00 price objective on shares of Plantronics and gave the stock a “buy” rating in a research note on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Plantronics currently has a consensus rating of “Buy” and a consensus target price of $64.80.

The stock’s 50 day moving average price is $31.57 and its 200-day moving average price is $41.91. The company has a quick ratio of 0.99, a current ratio of 1.37 and a debt-to-equity ratio of 2.45. The stock has a market capitalization of $1.34 billion, a PE ratio of 8.94 and a beta of 1.51.

Plantronics (NYSE:PLT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.03. The firm had revenue of $447.77 million during the quarter, compared to analysts’ expectations of $490.49 million. Plantronics had a negative net margin of 10.25% and a positive return on equity of 21.22%. The company’s revenue for the quarter was up 102.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. On average, analysts forecast that Plantronics Inc will post 4.57 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 20th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.68%. Plantronics’s dividend payout ratio (DPR) is presently 15.00%.

In related news, CEO Joseph B. Burton sold 5,000 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.00, for a total transaction of $165,000.00. Following the completion of the transaction, the chief executive officer now directly owns 156,960 shares of the company’s stock, valued at $5,179,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Deprince Race & Zollo Inc. lifted its holdings in shares of Plantronics by 82.6% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 845,409 shares of the technology company’s stock worth $31,314,000 after acquiring an additional 382,316 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Plantronics by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 928,874 shares of the technology company’s stock valued at $30,745,000 after acquiring an additional 59,013 shares during the period. GMT Capital Corp acquired a new stake in Plantronics during the 1st quarter valued at approximately $1,697,000. Pacific Ridge Capital Partners LLC acquired a new stake in Plantronics during the 1st quarter valued at approximately $1,727,000. Finally, BNP Paribas Arbitrage SA lifted its stake in Plantronics by 1,119.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,987 shares of the technology company’s stock valued at $322,000 after acquiring an additional 6,414 shares during the period. 99.76% of the stock is owned by institutional investors.

Plantronics Company Profile (NYSE:PLT)

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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