Meeder Asset Management Inc. grew its holdings in shares of Plantronics Inc (NYSE:PLT) by 10.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,385 shares of the technology company’s stock after buying an additional 1,438 shares during the period. Meeder Asset Management Inc.’s holdings in Plantronics were worth $927,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Asset Management L.P. purchased a new stake in Plantronics in the second quarter worth $122,000. Cubist Systematic Strategies LLC purchased a new stake in Plantronics in the second quarter worth $212,000. Burney Co. purchased a new stake in Plantronics in the second quarter worth $225,000. Crossmark Global Holdings Inc. purchased a new stake in Plantronics in the second quarter worth $242,000. Finally, Creative Planning purchased a new stake in Plantronics in the second quarter worth $245,000. 77.51% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Joseph B. Burton sold 4,727 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $59.45, for a total value of $281,020.15. Following the sale, the chief executive officer now directly owns 123,599 shares of the company’s stock, valued at $7,347,960.55. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 4,820 shares of company stock worth $286,736. Insiders own 1.70% of the company’s stock.
Several equities research analysts recently weighed in on PLT shares. TheStreet cut Plantronics from a “b-” rating to a “c+” rating in a research note on Friday, September 14th. Zacks Investment Research cut Plantronics from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Finally, Sidoti raised 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 investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Plantronics has an average rating of “Buy” and a consensus target price of $68.00.
Shares of PLT stock opened at $61.90 on Friday. The firm has a market capitalization of $2.42 billion, a P/E ratio of 22.84 and a beta of 1.09. Plantronics Inc has a twelve month low of $49.79 and a twelve month high of $82.28. The company has a debt-to-equity ratio of 1.32, a quick ratio of 6.86 and a current ratio of 7.40.
Plantronics (NYSE:PLT) last issued its quarterly earnings results on Tuesday, November 6th. The technology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($1.05). The firm had revenue of $483.07 million during the quarter, compared to analysts’ expectations of $506.32 million. Plantronics had a positive return on equity of 26.82% and a negative net margin of 9.75%. Plantronics’s revenue for the quarter was up 129.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 earnings per share. As a group, equities analysts anticipate that Plantronics Inc will post 3.42 earnings per share for the current fiscal year.
The business 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 $0.15 dividend. The ex-dividend date of this dividend is Monday, November 19th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.97%. Plantronics’s dividend payout ratio is currently 22.14%.
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Plantronics Company Profile
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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