Signition LP purchased a new stake in shares of Plantronics Inc (NYSE:PLT) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 4,064 shares of the technology company’s stock, valued at approximately $245,000.
A number of other hedge funds and other institutional investors have also modified their holdings of PLT. Legal & General Group Plc lifted its position in Plantronics by 20.6% during the 1st quarter. Legal & General Group Plc now owns 33,776 shares of the technology company’s stock valued at $2,039,000 after acquiring an additional 5,764 shares during the period. Xact Kapitalforvaltning AB bought a new stake in Plantronics during the 1st quarter valued at about $353,000. Amalgamated Bank increased its stake in Plantronics by 14.5% during the 2nd quarter. Amalgamated Bank now owns 5,413 shares of the technology company’s stock valued at $413,000 after purchasing an additional 685 shares in the last quarter. Hartford Investment Management Co. bought a new stake in Plantronics during the 2nd quarter valued at about $304,000. Finally, Whittier Trust Co. increased its stake in Plantronics by 68.5% during the 2nd quarter. Whittier Trust Co. now owns 44,482 shares of the technology company’s stock valued at $2,137,000 after purchasing an additional 18,082 shares in the last quarter. 77.51% of the stock is owned by institutional investors.
In other Plantronics news, CEO Joseph B. Burton sold 4,727 shares of the firm’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 directly owns 123,599 shares in the company, valued at approximately $7,347,960.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 4,789 shares of company stock valued at $284,828. 1.70% of the stock is owned by company insiders.
A number of analysts have weighed in on the stock. Zacks Investment Research lowered shares of Plantronics from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. TheStreet lowered shares of Plantronics from a “b-” rating to a “c+” rating in a research note on Friday, September 14th. Finally, Sidoti upgraded 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Plantronics has a consensus rating of “Buy” and an average price target of $68.00.
NYSE:PLT opened at $60.25 on Tuesday. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 22.23 and a beta of 1.09. 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 Inc has a fifty-two week low of $49.79 and a fifty-two week high of $82.28.
Plantronics (NYSE:PLT) last released its quarterly earnings data on Tuesday, August 7th. The technology company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.07). The firm had revenue of $221.31 million for the quarter, compared to the consensus estimate of $207.79 million. Plantronics had a negative net margin of 0.60% and a positive return on equity of 25.39%. Equities research analysts expect that Plantronics Inc will post 3.42 earnings per share for the current year.
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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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