Jennison Associates LLC lowered its stake in shares of Plexus Corp. (NASDAQ:PLXS) by 5.7% during the third quarter, Holdings Channel reports. The institutional investor owned 40,120 shares of the company’s stock after selling 2,435 shares during the period. Jennison Associates LLC owned approximately 0.12% of Plexus Corp. worth $1,877,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Artemis Investment Management LLP bought a new stake in Plexus Corp. during the second quarter valued at about $15,547,000. Smith Asset Management Group LP raised its stake in Plexus Corp. by 205,750.0% in the second quarter. Smith Asset Management Group LP now owns 65,872 shares of the company’s stock valued at $2,846,000 after buying an additional 65,840 shares in the last quarter. Swiss National Bank raised its stake in Plexus Corp. by 1.4% in the second quarter. Swiss National Bank now owns 56,200 shares of the company’s stock valued at $2,428,000 after buying an additional 800 shares in the last quarter. Hancock Holding Co. bought a new stake in Plexus Corp. during the second quarter valued at about $864,000. Finally, Mason Street Advisors LLC bought a new stake in Plexus Corp. during the second quarter valued at about $282,000. 94.94% of the stock is owned by institutional investors and hedge funds.
Plexus Corp. (NASDAQ:PLXS) opened at 51.39 on Friday. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 22.94 and a beta of 1.12. Plexus Corp. has a 1-year low of $28.72 and a 1-year high of $51.65. The stock has a 50 day moving average price of $47.32 and a 200-day moving average price of $45.59.
Plexus Corp. (NASDAQ:PLXS) last issued its earnings results on Wednesday, October 26th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.02. The company earned $653.06 million during the quarter, compared to analyst estimates of $670.53 million. Plexus Corp. had a return on equity of 9.77% and a net margin of 2.99%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. On average, equities research analysts forecast that Plexus Corp. will post $3.27 EPS for the current year.
PLXS has been the subject of several recent research reports. Needham & Company LLC set a $52.00 price target on Plexus Corp. and gave the company a “buy” rating in a report on Friday, September 16th. Zacks Investment Research lowered Plexus Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, November 1st. Finally, B. Riley reissued a “neutral” rating and set a $50.00 price target on shares of Plexus Corp. in a report on Tuesday, November 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $49.80.
In related news, Chairman Dean A. Foate sold 7,995 shares of the firm’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $46.76, for a total value of $373,846.20. Following the completion of the transaction, the chairman now owns 241,692 shares in the company, valued at approximately $11,301,517.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Dean A. Foate sold 41,000 shares of the firm’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $51.10, for a total value of $2,095,100.00. Following the completion of the transaction, the chairman now owns 251,856 shares of the company’s stock, valued at approximately $12,869,841.60. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.
About Plexus Corp.
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. Plexus delivers end-to-end solutions for customers in the Americas (AMER); Europe, Middle East and Africa (EMEA), and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.