OppenheimerFunds Inc. acquired a new position in Plantronics, Inc. (NYSE:PLT) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,864 shares of the technology company’s stock, valued at approximately $263,000.
Several other hedge funds and other institutional investors have also modified their holdings of PLT. Elkfork Partners LLC raised its stake in shares of Plantronics by 24.6% in the first quarter. Elkfork Partners LLC now owns 2,268 shares of the technology company’s stock worth $123,000 after buying an additional 448 shares during the period. Meadow Creek Investment Management LLC raised its stake in shares of Plantronics by 24.6% in the first quarter. Meadow Creek Investment Management LLC now owns 2,754 shares of the technology company’s stock worth $149,000 after buying an additional 544 shares during the period. Victory Capital Management Inc. raised its stake in shares of Plantronics by 119.7% in the first quarter. Victory Capital Management Inc. now owns 2,810 shares of the technology company’s stock worth $152,000 after buying an additional 1,531 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Plantronics by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 4,096 shares of the technology company’s stock worth $222,000 after buying an additional 312 shares during the period. Finally, US Bancorp DE raised its stake in shares of Plantronics by 14.2% in the first quarter. US Bancorp DE now owns 4,477 shares of the technology company’s stock worth $242,000 after buying an additional 555 shares during the period. 90.10% of the stock is owned by institutional investors and hedge funds.
Plantronics, Inc. (NYSE:PLT) traded down 0.67% during midday trading on Friday, reaching $41.60. 181,971 shares of the company traded hands. Plantronics, Inc. has a 12 month low of $41.40 and a 12 month high of $58.27. The firm has a 50 day moving average of $48.71 and a 200-day moving average of $52.59. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 16.91 and a beta of 1.27.
Plantronics (NYSE:PLT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The firm had revenue of $203.90 million for the quarter, compared to the consensus estimate of $217.11 million. Plantronics had a return on equity of 21.31% and a net margin of 9.40%. Plantronics’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. Analysts forecast that Plantronics, Inc. will post $2.97 EPS for the current fiscal year.
Plantronics announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 27th that authorizes the company to repurchase 1,000,000 shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Wednesday, August 16th. Plantronics’s dividend payout ratio is currently 24.29%.
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A number of brokerages have weighed in on PLT. Zacks Investment Research lowered shares of Plantronics from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. J P Morgan Chase & Co lowered shares of Plantronics from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $63.00 to $60.00 in a report on Friday, July 28th. Northland Securities set a $57.00 price target on shares of Plantronics and gave the company a “buy” rating in a report on Tuesday, July 25th. Finally, BidaskClub lowered shares of Plantronics from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $58.25.
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.
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