Prudential Financial Inc. Cuts Holdings in Plexus Corp. (NASDAQ:PLXS)

Prudential Financial Inc. lessened its stake in Plexus Corp. (NASDAQ:PLXS) by 6.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,028 shares of the technology company’s stock after selling 3,620 shares during the period. Prudential Financial Inc. owned approximately 0.17% of Plexus worth $2,862,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Plexus in the 1st quarter worth approximately $294,000. Everence Capital Management Inc. purchased a new stake in shares of Plexus in the 1st quarter valued at $299,000. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Plexus in the 1st quarter valued at $317,000. Nicolet Advisory Services LLC purchased a new stake in shares of Plexus in the 1st quarter valued at $340,000. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of Plexus by 4.0% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 7,784 shares of the technology company’s stock valued at $474,000 after purchasing an additional 301 shares in the last quarter. 95.38% of the stock is owned by institutional investors and hedge funds.

PLXS has been the subject of a number of research reports. Zacks Investment Research raised shares of Plexus from a “sell” rating to a “hold” rating and set a $60.00 price objective for the company in a research note on Monday, September 2nd. BidaskClub cut shares of Plexus from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 28th. Finally, Sidoti set a $72.00 price objective on shares of Plexus and gave the company a “buy” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Plexus has an average rating of “Buy” and a consensus price target of $68.00.

Shares of Plexus stock traded down $0.38 during trading on Monday, reaching $64.38. The company’s stock had a trading volume of 3,395 shares, compared to its average volume of 114,737. Plexus Corp. has a 52-week low of $47.63 and a 52-week high of $66.98. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 19.95 and a beta of 0.97. The firm’s 50-day moving average is $58.28 and its two-hundred day moving average is $58.53. The company has a quick ratio of 0.91, a current ratio of 1.78 and a debt-to-equity ratio of 0.22.

Plexus (NASDAQ:PLXS) last announced its quarterly earnings results on Wednesday, July 17th. The technology company reported $0.81 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.81. The business had revenue of $799.64 million during the quarter, compared to analysts’ expectations of $783.30 million. Plexus had a net margin of 4.62% and a return on equity of 12.40%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 EPS. On average, equities research analysts anticipate that Plexus Corp. will post 3.37 EPS for the current year.

In other Plexus news, CEO Todd P. Kelsey sold 1,000 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $59.35, for a total transaction of $59,350.00. Following the completion of the sale, the chief executive officer now owns 77,855 shares of the company’s stock, valued at approximately $4,620,694.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Angelo Michael Ninivaggi, Jr. sold 1,119 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $59.85, for a total transaction of $66,972.15. Following the sale, the chief accounting officer now directly owns 31,280 shares of the company’s stock, valued at approximately $1,872,108. The disclosure for this sale can be found here. Insiders have sold a total of 28,980 shares of company stock valued at $1,737,525 in the last three months. 3.90% of the stock is currently owned by corporate insiders.

About Plexus

Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers design and development, supply chain, new product introduction, and manufacturing solutions, as well as aftermarket services. The company provides its solutions to companies in the healthcare and life sciences, industrial and commercial, communications, and aerospace and defense sectors.

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Institutional Ownership by Quarter for Plexus (NASDAQ:PLXS)

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