Northern Trust Corp Trims Stake in Plexus Corp. (PLXS)

Northern Trust Corp trimmed its stake in shares of Plexus Corp. (NASDAQ:PLXS) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,024,984 shares of the technology company’s stock after selling 1,725 shares during the period. Northern Trust Corp’s holdings in Plexus were worth $61,027,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PLXS. BlackRock Inc. raised its stake in shares of Plexus by 3.9% during the second quarter. BlackRock Inc. now owns 4,511,927 shares of the technology company’s stock worth $268,640,000 after buying an additional 167,870 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Plexus by 11.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 979,629 shares of the technology company’s stock worth $58,513,000 after buying an additional 100,635 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Plexus by 84.4% during the second quarter. Victory Capital Management Inc. now owns 723,178 shares of the technology company’s stock worth $43,058,000 after buying an additional 330,937 shares during the last quarter. Voya Investment Management LLC raised its stake in shares of Plexus by 7.5% during the second quarter. Voya Investment Management LLC now owns 413,923 shares of the technology company’s stock worth $24,645,000 after buying an additional 28,924 shares during the last quarter. Finally, Cooke & Bieler LP raised its stake in shares of Plexus by 40.8% during the second quarter. Cooke & Bieler LP now owns 376,560 shares of the technology company’s stock worth $22,420,000 after buying an additional 109,130 shares during the last quarter. Institutional investors own 97.29% of the company’s stock.

PLXS has been the subject of several recent analyst reports. ValuEngine downgraded shares of Plexus from a “buy” rating to a “hold” rating in a research note on Thursday, September 27th. BidaskClub downgraded shares of Plexus from a “hold” rating to a “sell” rating in a research note on Friday, September 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Plexus in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $69.25.

In other news, VP Ronnie Darroch sold 2,300 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $60.40, for a total value of $138,920.00. Following the completion of the transaction, the vice president now owns 9,918 shares in the company, valued at $599,047.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd P. Kelsey sold 14,250 shares of the company’s stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $61.22, for a total transaction of $872,385.00. Following the completion of the transaction, the chief executive officer now owns 75,031 shares of the company’s stock, valued at approximately $4,593,397.82. The disclosure for this sale can be found here. Insiders sold 122,830 shares of company stock valued at $7,596,700 in the last ninety days. Insiders own 3.70% of the company’s stock.

Shares of NASDAQ:PLXS opened at $54.34 on Tuesday. Plexus Corp. has a 52 week low of $53.21 and a 52 week high of $66.78. The company has a quick ratio of 1.05, a current ratio of 2.11 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 16.77 and a beta of 0.67.

Plexus (NASDAQ:PLXS) last issued its earnings results on Wednesday, July 18th. The technology company reported $0.79 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.03). Plexus had a negative net margin of 1.11% and a positive return on equity of 11.37%. The firm had revenue of $726.39 million during the quarter, compared to the consensus estimate of $721.08 million. During the same period in the previous year, the company posted $0.74 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, research analysts anticipate that Plexus Corp. will post 3.15 EPS for the current year.

Plexus Profile

Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers product conceptualization solutions; and product design and value-engineering solutions, including program management, feasibility studies, specification development for product features and functionality, circuit design, field programmable gate array design, printed circuit board layout, embedded software design, mechanical design, test specifications development and product verification testing, and automated production solutions and complex automation design.

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Institutional Ownership by Quarter for Plexus (NASDAQ:PLXS)

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