Plantronics (NYSE:PLT) issued its quarterly earnings data on Tuesday. The technology company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($1.05), Fidelity Earnings reports. The firm had revenue of $483.07 million during the quarter, compared to analyst estimates of $506.32 million. Plantronics had a positive return on equity of 25.39% and a negative net margin of 0.60%. The company’s revenue was up 129.7% on a year-over-year basis. During the same quarter last year, the company posted $0.59 EPS. Plantronics updated its Q3 2019 guidance to $0.53-0.78 EPS and its Q3 guidance to $0.53-0.78 EPS.
Shares of PLT stock traded down $1.50 on Wednesday, reaching $59.42. 42,822 shares of the company were exchanged, compared to its average volume of 387,728. The stock has a market capitalization of $2.45 billion, a P/E ratio of 22.01 and a beta of 1.09. The company has a quick ratio of 6.86, a current ratio of 7.40 and a debt-to-equity ratio of 1.32. Plantronics has a 1 year low of $49.79 and a 1 year high of $82.28.
A number of analysts have recently commented on the stock. Sidoti raised shares of Plantronics from a “neutral” rating to a “buy” rating in a research note on Wednesday, August 8th. They noted that the move was a valuation call. TheStreet cut shares of Plantronics from a “b-” rating to a “c+” rating in a research note on Friday, September 14th. Finally, Zacks Investment Research cut shares of Plantronics from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Plantronics presently has a consensus rating of “Buy” and a consensus target price of $68.00.
In other news, CEO Joseph B. Burton sold 4,727 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $59.45, for a total transaction of $281,020.15. Following the completion of the sale, the chief executive officer now owns 123,599 shares of the company’s stock, valued at $7,347,960.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 4,789 shares of company stock valued at $284,828 in the last three months. Corporate insiders own 1.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in PLT. Point72 Asset Management L.P. purchased a new stake in Plantronics during the 2nd quarter valued at about $122,000. Cubist Systematic Strategies LLC purchased a new stake in Plantronics during the 2nd quarter valued at about $212,000. Burney Co. purchased a new stake in Plantronics during the 2nd quarter valued at about $225,000. Crossmark Global Holdings Inc. purchased a new stake in Plantronics during the 2nd quarter valued at about $242,000. Finally, Creative Planning purchased a new stake in Plantronics during the 2nd quarter valued at about $245,000. 77.51% of the stock is owned by institutional investors and hedge funds.
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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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