Plantronics (PLT) Shares Down 5.1%

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Shares of Plantronics Inc (NYSE:PLT) dropped 5.1% during mid-day trading on Tuesday . The stock traded as low as $46.00 and last traded at $44.09. Approximately 44,252 shares traded hands during trading, a decline of 94% from the average daily volume of 798,785 shares. The stock had previously closed at $46.48.

PLT has been the topic of several analyst reports. Zacks Investment Research lowered shares of Plantronics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 14th. TheStreet lowered shares of Plantronics from a “b-” rating to a “c+” rating in a research report on Friday, September 14th. ValuEngine lowered shares of Plantronics from a “buy” rating to a “hold” rating in a research report on Monday, November 12th. Finally, Sidoti upgraded shares of Plantronics from a “neutral” rating to a “buy” rating in a research report on Wednesday, August 8th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Plantronics currently has an average rating of “Hold” and a consensus price target of $68.00.

The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.29 and a current ratio of 1.57. The stock has a market capitalization of $2.03 billion, a PE ratio of 16.18 and a beta of 1.09.

Plantronics (NYSE:PLT) last issued its earnings results on Tuesday, November 6th. The technology company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($1.05). Plantronics had a negative net margin of 9.75% and a positive return on equity of 20.46%. The company had revenue of $483.07 million during the quarter, compared to analyst estimates of $506.32 million. During the same quarter in the prior year, the business earned $0.59 EPS. The business’s quarterly revenue was up 129.7% on a year-over-year basis. Equities research analysts expect that Plantronics Inc will post 1.87 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Tuesday, November 20th will be given 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 yield of 1.37%. Plantronics’s dividend payout ratio is currently 22.14%.

In other Plantronics 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 value of $281,020.15. Following the sale, the chief executive officer now owns 123,599 shares in the company, valued at $7,347,960.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 4,820 shares of company stock worth $286,736 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of Plantronics by 5.4% during the third quarter. BlackRock Inc. now owns 3,989,325 shares of the technology company’s stock valued at $240,556,000 after acquiring an additional 204,326 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Plantronics by 4.5% during the third quarter. Vanguard Group Inc. now owns 3,380,686 shares of the technology company’s stock valued at $203,856,000 after acquiring an additional 145,823 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in shares of Plantronics by 2.8% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,901,202 shares of the technology company’s stock valued at $114,642,000 after acquiring an additional 51,429 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Plantronics by 77.8% during the third quarter. Renaissance Technologies LLC now owns 1,266,700 shares of the technology company’s stock valued at $76,382,000 after acquiring an additional 554,200 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Plantronics by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 880,808 shares of the technology company’s stock valued at $67,163,000 after acquiring an additional 20,383 shares during the last quarter. Hedge funds and other institutional investors own 77.45% of the company’s stock.

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About Plantronics (NYSE:PLT)

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.

Further Reading: Buyback For Investors Defined

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