Logitech International (NASDAQ:LOGI) Shares Gap Down After Analyst Downgrade

Logitech International S.A. (NASDAQ:LOGI) gapped down before the market opened on Tuesday after Bank of America downgraded the stock from a neutral rating to an underperform rating. The stock had previously closed at $98.63, but opened at $92.95. Bank of America now has a $86.00 price target on the stock. Logitech International shares last traded at $93.3850, with a volume of 384,631 shares.

LOGI has been the subject of a number of other research reports. Weiss Ratings raised shares of Logitech International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Wall Street Zen downgraded shares of Logitech International from a “buy” rating to a “hold” rating in a report on Sunday, April 26th. Citigroup upped their price target on shares of Logitech International from $115.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. UBS Group lowered shares of Logitech International from a “buy” rating to a “neutral” rating in a report on Tuesday, March 17th. Finally, Wedbush reissued an “outperform” rating and set a $135.00 price objective on shares of Logitech International in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $109.71.

Institutional Trading of Logitech International

A number of hedge funds have recently made changes to their positions in LOGI. Arrowstreet Capital Limited Partnership boosted its stake in shares of Logitech International by 305.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company’s stock valued at $227,859,000 after purchasing an additional 1,570,876 shares during the period. Morgan Stanley increased its stake in Logitech International by 152.5% during the 4th quarter. Morgan Stanley now owns 2,190,070 shares of the technology company’s stock worth $219,489,000 after buying an additional 1,322,582 shares during the period. Credit Agricole S A acquired a new position in Logitech International in the 3rd quarter worth $104,402,000. Norges Bank acquired a new position in Logitech International in the 4th quarter worth $89,248,000. Finally, Marshall Wace LLP boosted its position in Logitech International by 131.2% in the 4th quarter. Marshall Wace LLP now owns 1,273,720 shares of the technology company’s stock valued at $129,125,000 after buying an additional 722,887 shares during the last quarter. Hedge funds and other institutional investors own 45.76% of the company’s stock.

Logitech International Stock Down 5.3%

The firm has a 50 day moving average price of $106.54 and a two-hundred day moving average price of $99.15. The company has a market capitalization of $13.69 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 2.48 and a beta of 1.13.

Logitech International (NASDAQ:LOGI) last released its quarterly earnings results on Tuesday, May 5th. The technology company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.10 by $0.03. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the firm posted $0.93 earnings per share. The company’s revenue was up 7.4% compared to the same quarter last year. Analysts predict that Logitech International S.A. will post 5.16 earnings per share for the current year.

Logitech International Cuts Dividend

The firm also recently announced an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be paid a dividend of $1.36 per share. This represents a dividend yield of 126.0%. The ex-dividend date is Tuesday, September 22nd. Logitech International’s dividend payout ratio is 10.88%.

Logitech International Company Profile

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company’s product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.