Morgan Stanley started coverage on shares of Plantronics (NYSE:PLT) in a report issued on Thursday, BenzingaRatingsTable reports. The firm issued an overweight rating and a $58.00 price target on the technology company’s stock.
PLT has been the subject of a number of other reports. Sidoti set a $83.00 price target on shares of Plantronics and gave the company a buy rating in a research report on Wednesday, June 19th. Cowen set a $61.00 price target on shares of Plantronics and gave the company a buy rating in a research report on Wednesday, August 7th. Evercore ISI initiated coverage on shares of Plantronics in a research report on Thursday, June 27th. They set an outperform rating and a $50.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of Plantronics from a hold rating to a sell rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $63.67.
NYSE PLT opened at $36.94 on Thursday. The company has a current ratio of 1.37, a quick ratio of 0.99 and a debt-to-equity ratio of 2.45. Plantronics has a 1-year low of $26.09 and a 1-year high of $62.97. The company has a 50 day moving average of $31.32 and a 200-day moving average of $41.40. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 9.24 and a beta of 1.51.
Plantronics (NYSE:PLT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. Plantronics had a negative net margin of 10.25% and a positive return on equity of 21.22%. The company had revenue of $447.77 million during the quarter, compared to the consensus estimate of $490.49 million. During the same period in the previous year, the business earned $0.74 earnings per share. The firm’s quarterly revenue was up 102.3% on a year-over-year basis. On average, equities research analysts forecast that Plantronics will post 4.57 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 20th were given a dividend of $0.15 per share. The ex-dividend date was Monday, August 19th. This represents a $0.60 annualized dividend and a yield of 1.62%. Plantronics’s dividend payout ratio is currently 15.00%.
In other Plantronics news, CEO Joseph B. Burton sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.00, for a total transaction of $165,000.00. Following the completion of the transaction, the chief executive officer now directly owns 156,960 shares in the company, valued at $5,179,680. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in Plantronics by 1.0% during the second quarter. BlackRock Inc. now owns 3,912,560 shares of the technology company’s stock valued at $144,920,000 after purchasing an additional 38,698 shares in the last quarter. Vanguard Group Inc. raised its position in Plantronics by 2.6% during the second quarter. Vanguard Group Inc. now owns 3,261,247 shares of the technology company’s stock valued at $120,797,000 after purchasing an additional 82,661 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Plantronics by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 928,874 shares of the technology company’s stock valued at $30,745,000 after purchasing an additional 59,013 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in Plantronics by 82.6% during the second quarter. Deprince Race & Zollo Inc. now owns 845,409 shares of the technology company’s stock valued at $31,314,000 after purchasing an additional 382,316 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Plantronics by 1.9% during the first quarter. Principal Financial Group Inc. now owns 546,520 shares of the technology company’s stock valued at $25,200,000 after purchasing an additional 10,406 shares in the last quarter. Institutional investors and hedge funds own 99.73% of the company’s stock.
Plantronics, Inc designs, manufactures, and markets integrated communications and collaborations solutions for consumers and businesses worldwide. The company offers its communications and collaboration solutions for voice, video, and content sharing, as well as a line of support and services for the workplace under the Polycom brand.
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