Plexus Corp. (NASDAQ:PLXS) Sees Significant Decline in Short Interest

Plexus Corp. (NASDAQ:PLXS) was the target of a large decrease in short interest in June. As of June 30th, there was short interest totalling 754,200 shares, a decrease of 32.1% from the June 15th total of 1,110,000 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 192,500 shares, the short-interest ratio is currently 3.9 days.

Several brokerages have weighed in on PLXS. Sidoti raised Plexus from a “neutral” rating to a “buy” rating and set a $83.00 price objective for the company in a report on Wednesday, March 11th. JPMorgan Chase & Co. upped their price target on Plexus from $67.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. Needham & Company LLC lowered their price target on Plexus from $80.00 to $67.00 and set a “buy” rating for the company in a research note on Tuesday, March 24th. Loop Capital upped their price target on Plexus from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, BidaskClub cut Plexus from a “buy” rating to a “hold” rating in a research note on Thursday, June 4th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $72.00.

Shares of PLXS stock traded down $1.64 on Tuesday, reaching $65.77. The company had a trading volume of 117,765 shares, compared to its average volume of 200,920. The company has a current ratio of 1.77, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock has a market cap of $1.97 billion, a PE ratio of 18.79 and a beta of 1.05. The company has a 50-day moving average of $65.26 and a 200-day moving average of $65.92. Plexus has a 12 month low of $35.16 and a 12 month high of $86.53.

Plexus (NASDAQ:PLXS) last posted its earnings results on Wednesday, April 22nd. The technology company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Plexus had a return on equity of 11.45% and a net margin of 3.27%. The business had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $741.22 million. During the same period in the prior year, the business earned $0.79 EPS. Plexus’s revenue for the quarter was down 2.8% compared to the same quarter last year. Sell-side analysts anticipate that Plexus will post 3.3 earnings per share for the current year.

In other Plexus news, Director Stephen P. Cortinovis sold 1,500 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $59.90, for a total transaction of $89,850.00. Following the completion of the sale, the director now directly owns 28,185 shares of the company’s stock, valued at approximately $1,688,281.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ronnie Darroch sold 1,702 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $59.85, for a total value of $101,864.70. Following the sale, the vice president now directly owns 7,810 shares of the company’s stock, valued at $467,428.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,007 shares of company stock worth $1,997,278. 3.20% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Plexus by 473.3% during the 4th quarter. FMR LLC now owns 493 shares of the technology company’s stock worth $38,000 after purchasing an additional 407 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Plexus during the 4th quarter worth approximately $39,000. Meeder Asset Management Inc. increased its stake in Plexus by 1,231.6% during the 1st quarter. Meeder Asset Management Inc. now owns 759 shares of the technology company’s stock worth $41,000 after purchasing an additional 702 shares in the last quarter. Americana Partners LLC bought a new stake in Plexus during the 4th quarter worth approximately $48,000. Finally, Advisor Group Holdings Inc. bought a new stake in Plexus during the 1st quarter worth approximately $68,000. 95.30% of the stock is owned by institutional investors and hedge funds.

Plexus Company Profile

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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