Plantronics Inc. (NYSE:PLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $53.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential downside of 1.19% from the company’s current price.
According to Zacks, “Plantronics, Inc. is a leading designer, manufacturer and marketer of lightweight communications headsets and headset accessories and services. In addition, the company manufactures and markets specialty telephone products, such as amplified telephone handsets and specialty telephones for hearing-impaired users, and noise-canceling handsets for use in high-noise environments. “
A number of other research firms have also recently weighed in on PLT. TheStreet upgraded shares of Plantronics from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. set a $55.00 price target on shares of Plantronics and gave the stock a “buy” rating in a research note on Wednesday, August 3rd.
Plantronics (NYSE:PLT) traded up 0.69% during mid-day trading on Tuesday, hitting $53.64. 52,470 shares of the stock were exchanged. Plantronics has a 52 week low of $32.13 and a 52 week high of $54.51. The company’s 50-day moving average price is $51.17 and its 200 day moving average price is $48.31. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 25.31 and a beta of 1.56.
Plantronics (NYSE:PLT) last released its earnings results on Tuesday, November 1st. The company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. Plantronics had a net margin of 8.02% and a return on equity of 25.15%. The company had revenue of $216.20 million for the quarter, compared to analysts’ expectations of $220.91 million. During the same quarter in the previous year, the company earned $0.70 EPS. Plantronics’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts expect that Plantronics will post $3.16 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Friday, November 18th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Wednesday, November 16th. Plantronics’s payout ratio is currently 28.17%.
In other Plantronics news, insider S Kenneth Kannappan sold 20,000 shares of the business’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $54.13, for a total value of $1,082,600.00. Following the sale, the insider now owns 123,142 shares in the company, valued at approximately $6,665,676.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.20% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Plantronics by 9.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 347,260 shares of the company’s stock valued at $18,044,000 after buying an additional 28,790 shares during the last quarter. LPL Financial LLC increased its stake in Plantronics by 1.5% in the third quarter. LPL Financial LLC now owns 4,852 shares of the company’s stock worth $251,000 after buying an additional 74 shares during the period. Ameritas Investment Partners Inc. increased its stake in Plantronics by 69.9% in the third quarter. Ameritas Investment Partners Inc. now owns 13,033 shares of the company’s stock worth $677,000 after buying an additional 5,364 shares during the period. Panagora Asset Management Inc. increased its stake in Plantronics by 10.6% in the third quarter. Panagora Asset Management Inc. now owns 324,762 shares of the company’s stock worth $16,875,000 after buying an additional 31,209 shares during the period. Finally, Gotham Asset Management LLC increased its stake in Plantronics by 23.0% in the third quarter. Gotham Asset Management LLC now owns 185,450 shares of the company’s stock worth $9,636,000 after buying an additional 34,710 shares during the period. Institutional investors and hedge funds own 91.47% of the company’s stock.
Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.