ValuEngine Downgrades Plantronics (PLT) to Hold

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Plantronics (NYSE:PLT) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

Several other brokerages have also recently weighed in on PLT. Sidoti raised shares of 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. TheStreet cut shares of Plantronics from a “b-” rating to a “c+” rating in a research note on Friday, September 14th. Finally, Zacks Investment Research cut shares of Plantronics from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $68.00.

PLT stock traded down $3.91 during mid-day trading on Monday, hitting $53.89. 1,138,818 shares of the company were exchanged, compared to its average volume of 286,208. The company has a debt-to-equity ratio of 2.18, a quick ratio of 6.86 and a current ratio of 1.57. The company has a market capitalization of $2.30 billion, a P/E ratio of 19.89 and a beta of 1.09. Plantronics has a 1-year low of $49.79 and a 1-year high of $82.28.

Plantronics (NYSE:PLT) last announced its earnings results on Tuesday, November 6th. The technology company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.89 by ($1.05). The company had revenue of $483.07 million for the quarter, compared to analyst estimates of $506.32 million. Plantronics had a positive return on equity of 20.46% and a negative net margin of 9.75%. The business’s quarterly revenue was up 129.7% on a year-over-year basis. During the same quarter last year, the business posted $0.59 earnings per share. Analysts forecast that Plantronics will post 3.42 earnings per share for the current year.

In other news, CEO Joseph B. Burton sold 4,727 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $59.45, for a total transaction of $281,020.15. Following the completion of the transaction, the chief executive officer now directly owns 123,599 shares of the company’s stock, valued at approximately $7,347,960.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 4,820 shares of company stock valued at $286,736 over the last ninety days. Company insiders own 1.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. First Quadrant L P CA grew its stake in shares of Plantronics by 6.7% during the 3rd quarter. First Quadrant L P CA now owns 21,360 shares of the technology company’s stock worth $1,288,000 after acquiring an additional 1,350 shares in the last quarter. BlackRock Inc. grew its stake in shares of Plantronics by 4.2% in the second quarter. BlackRock Inc. now owns 3,784,999 shares of the technology company’s stock valued at $288,606,000 after buying an additional 152,066 shares in the last quarter. Millennium Management LLC grew its stake in shares of Plantronics by 104.0% in the second quarter. Millennium Management LLC now owns 40,008 shares of the technology company’s stock valued at $3,051,000 after buying an additional 20,400 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Plantronics in the second quarter valued at $212,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Plantronics by 10.3% in the third quarter. Meeder Asset Management Inc. now owns 15,385 shares of the technology company’s stock valued at $927,000 after buying an additional 1,438 shares in the last quarter. 77.51% of the stock is owned by institutional investors.

About Plantronics

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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