Covington Capital Management Buys New Shares in Plexus Corp. (NASDAQ:PLXS)

Covington Capital Management bought a new stake in shares of Plexus Corp. (NASDAQ:PLXS) during the 4th quarter, Holdings Channel reports. The firm bought 2,387 shares of the technology company’s stock, valued at approximately $184,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PLXS. First Trust Advisors LP boosted its stake in Plexus by 6.0% during the 3rd quarter. First Trust Advisors LP now owns 31,715 shares of the technology company’s stock valued at $1,983,000 after acquiring an additional 1,796 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its position in shares of Plexus by 1.9% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,843,609 shares of the technology company’s stock worth $177,754,000 after buying an additional 54,190 shares during the last quarter. Barclays PLC lifted its position in shares of Plexus by 10.1% in the 3rd quarter. Barclays PLC now owns 44,649 shares of the technology company’s stock worth $2,791,000 after buying an additional 4,088 shares during the last quarter. Millennium Management LLC lifted its position in shares of Plexus by 112.6% in the 3rd quarter. Millennium Management LLC now owns 127,563 shares of the technology company’s stock worth $7,973,000 after buying an additional 1,143,563 shares during the last quarter. Finally, Sciencast Management LP bought a new position in shares of Plexus in the 4th quarter worth about $352,000. Institutional investors own 95.90% of the company’s stock.

Plexus stock opened at $50.48 on Thursday. The firm’s 50-day moving average is $63.37 and its 200-day moving average is $69.89. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 1.79. Plexus Corp. has a 1 year low of $35.16 and a 1 year high of $86.53. The company has a market cap of $1.45 billion, a P/E ratio of 13.08 and a beta of 0.95.

Plexus (NASDAQ:PLXS) last posted its quarterly earnings results on Wednesday, January 22nd. The technology company reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.07. Plexus had a net margin of 3.61% and a return on equity of 12.26%. The company had revenue of $852.40 million for the quarter, compared to the consensus estimate of $803.38 million. During the same period last year, the firm posted $0.91 EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, sell-side analysts predict that Plexus Corp. will post 3.85 earnings per share for the current year.

In related news, VP Ronnie Darroch sold 5,000 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $76.51, for a total value of $382,550.00. Following the sale, the vice president now owns 14,338 shares of the company’s stock, valued at approximately $1,097,000.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.20% of the stock is owned by company insiders.

A number of research firms have recently issued reports on PLXS. BidaskClub downgraded shares of Plexus from a “buy” rating to a “hold” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. upgraded shares of Plexus from a “neutral” rating to an “overweight” rating and set a $84.00 price target on the stock in a research report on Monday, March 9th. ValuEngine upgraded shares of Plexus from a “sell” rating to a “hold” rating in a research report on Tuesday, March 3rd. Sidoti upgraded shares of Plexus from a “neutral” rating to a “buy” rating and set a $83.00 price target on the stock in a research report on Wednesday, March 11th. Finally, Needham & Company LLC reduced their price target on shares of Plexus from $80.00 to $67.00 and set a “buy” rating on the stock in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $73.50.

Plexus Profile

Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers design and development, supply chain, new product introduction, and manufacturing solutions, as well as aftermarket services. The company provides its solutions to companies in the healthcare and life sciences, industrial and commercial, communications, and aerospace and defense sectors.

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Institutional Ownership by Quarter for Plexus (NASDAQ:PLXS)

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