Plantronics (PLT) Shares Up -0.8% Following Analyst Upgrade

Shares of Plantronics Inc (NYSE:PLT) shot up 0.8% during trading on Thursday after Roth Capital raised their price target on the stock from $55.00 to $60.00. Roth Capital currently has a buy rating on the stock. Plantronics traded as high as $60.49 and last traded at $58.53. 148,223 shares were traded during mid-day trading, a decline of 15% from the average session volume of 174,551 shares. The stock had previously closed at $58.99.

Other analysts have also recently issued reports about the company. Sidoti raised Plantronics from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a report on Tuesday, January 2nd. TheStreet raised Plantronics from a “c+” rating to a “b” rating in a report on Friday, November 24th. Zacks Investment Research raised Plantronics from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Finally, Northland Securities set a $60.00 price target on Plantronics and gave the company a “buy” rating in a report on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Plantronics has a consensus rating of “Hold” and a consensus target price of $60.00.

In related news, Director Brian S. Dexheimer sold 2,500 shares of Plantronics stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $58.52, for a total transaction of $146,300.00. Following the completion of the transaction, the director now directly owns 18,002 shares of the company’s stock, valued at $1,053,477.04. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John Hart sold 21,083 shares of Plantronics stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $52.56, for a total value of $1,108,122.48. Following the transaction, the director now directly owns 11,094 shares of the company’s stock, valued at $583,100.64. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. M&T Bank Corp raised its holdings in Plantronics by 13.9% during the second quarter. M&T Bank Corp now owns 4,484 shares of the technology company’s stock worth $235,000 after purchasing an additional 546 shares during the last quarter. OxFORD Asset Management LLP acquired a new position in Plantronics during the second quarter worth $243,000. Koch Industries Inc. raised its holdings in Plantronics by 6,554.8% during the second quarter. Koch Industries Inc. now owns 248,691 shares of the technology company’s stock worth $244,000 after purchasing an additional 244,954 shares during the last quarter. Amalgamated Bank raised its holdings in Plantronics by 5.0% during the second quarter. Amalgamated Bank now owns 4,788 shares of the technology company’s stock worth $250,000 after purchasing an additional 230 shares during the last quarter. Finally, Quantbot Technologies LP raised its holdings in Plantronics by 490.3% during the third quarter. Quantbot Technologies LP now owns 6,045 shares of the technology company’s stock worth $267,000 after purchasing an additional 5,021 shares during the last quarter. 91.04% of the stock is owned by hedge funds and other institutional investors.

The firm has a market cap of $1,930.00, a price-to-earnings ratio of 265.86, a PEG ratio of 1.63 and a beta of 1.31. The company has a debt-to-equity ratio of 1.27, a current ratio of 6.44 and a quick ratio of 5.90.

Plantronics (NYSE:PLT) last issued its quarterly earnings data on Tuesday, October 31st. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.10. The firm had revenue of $210.30 million during the quarter, compared to analysts’ expectations of $205.19 million. Plantronics had a return on equity of 21.40% and a net margin of 1.03%. analysts predict that Plantronics Inc will post 2.19 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Shareholders of record on Tuesday, February 20th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.03%. The ex-dividend date is Friday, February 16th. Plantronics’s payout ratio is 272.73%.

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About Plantronics

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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