Acadian Asset Management LLC boosted its position in shares of Plantronics Inc (NYSE:PLT) by 22.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 315,622 shares of the technology company’s stock after purchasing an additional 57,707 shares during the quarter. Acadian Asset Management LLC owned about 0.79% of Plantronics worth $19,029,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in PLT. Point72 Asset Management L.P. bought a new stake in Plantronics during the 2nd quarter worth about $122,000. Cubist Systematic Strategies LLC bought a new stake in Plantronics during the 2nd quarter worth about $212,000. Burney Co. acquired a new position in shares of Plantronics during the 2nd quarter worth about $225,000. Crossmark Global Holdings Inc. acquired a new position in shares of Plantronics during the 2nd quarter worth about $242,000. Finally, Creative Planning acquired a new position in shares of Plantronics during the 2nd quarter worth about $245,000. 77.23% of the stock is owned by hedge funds and other institutional investors.
Plantronics stock opened at $61.71 on Friday. The stock has a market cap of $2.45 billion, a PE ratio of 22.36 and a beta of 1.09. Plantronics Inc has a 1 year low of $49.79 and a 1 year high of $82.28. The company has a debt-to-equity ratio of 1.32, a current ratio of 7.40 and a quick ratio of 6.86.
Plantronics (NYSE:PLT) last posted its earnings results on Tuesday, August 7th. The technology company reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.07). The company had revenue of $221.31 million for the quarter, compared to analyst estimates of $207.79 million. Plantronics had a positive return on equity of 25.39% and a negative net margin of 0.60%. Equities analysts forecast that Plantronics Inc will post 3.42 EPS for the current year.
In other news, CEO Joseph B. Burton sold 4,727 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $59.45, for a total transaction of $281,020.15. Following the completion of the transaction, the chief executive officer now directly owns 123,599 shares in the company, valued at approximately $7,347,960.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 4,820 shares of company stock valued at $286,961 over the last 90 days. Corporate insiders own 1.70% of the company’s stock.
PLT has been the subject of several analyst reports. Zacks Investment Research lowered Plantronics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. TheStreet lowered Plantronics from a “b-” rating to a “c+” rating in a research report on Friday, September 14th. Finally, Sidoti upgraded Plantronics from a “neutral” rating to a “buy” rating in a research report on Wednesday, August 8th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $68.00.
Plantronics Company Profile
Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.
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