Plantronics Inc (PLT) Receives $70.67 Average Target Price from Brokerages

Plantronics Inc (NYSE:PLT) has received an average recommendation of “Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $70.67.

A number of brokerages have commented on PLT. Sidoti upgraded Plantronics from a “neutral” rating to a “buy” rating in a report on Wednesday. They noted that the move was a valuation call. Zacks Investment Research upgraded Plantronics from a “hold” rating to a “strong-buy” rating and set a $92.00 price objective on the stock in a report on Saturday, July 7th. TheStreet upgraded Plantronics from a “c” rating to a “b-” rating in a report on Thursday, May 24th. Finally, ValuEngine upgraded Plantronics from a “hold” rating to a “buy” rating in a report on Wednesday, May 23rd.

NYSE:PLT traded down $0.53 during trading hours on Thursday, reaching $66.87. 298,977 shares of the company traded hands, compared to its average volume of 388,111. The stock has a market cap of $2.68 billion, a PE ratio of 24.68 and a beta of 1.15. The company has a debt-to-equity ratio of 1.32, a quick ratio of 6.62 and a current ratio of 7.40. Plantronics has a 1-year low of $41.28 and a 1-year high of $82.28.

Plantronics (NYSE:PLT) last announced its earnings results on Tuesday, August 7th. The technology company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates 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 negative net margin of 0.60% and a positive return on equity of 25.39%. equities research analysts predict that Plantronics will post 3.42 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Monday, August 20th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Friday, August 17th. Plantronics’s dividend payout ratio (DPR) is 22.14%.

In other news, CEO Joseph B. Burton sold 3,506 shares of the firm’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $76.36, for a total transaction of $267,718.16. Following the sale, the chief executive officer now owns 113,574 shares in the company, valued at $8,672,510.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greggory C. Hammann sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 31st. The stock was sold at an average price of $73.20, for a total value of $146,400.00. Following the sale, the director now owns 18,634 shares in the company, valued at approximately $1,364,008.80. The disclosure for this sale can be found here. Insiders have sold 5,599 shares of company stock worth $420,985 in the last 90 days. Insiders own 1.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Amalgamated Bank boosted its holdings in shares of Plantronics by 14.5% during the second quarter. Amalgamated Bank now owns 5,413 shares of the technology company’s stock worth $413,000 after purchasing an additional 685 shares during the last quarter. Isthmus Partners LLC raised its position in shares of Plantronics by 5.5% in the 1st quarter. Isthmus Partners LLC now owns 15,065 shares of the technology company’s stock worth $909,000 after buying an additional 792 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Plantronics by 8.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 10,029 shares of the technology company’s stock worth $765,000 after buying an additional 808 shares during the period. Rhumbline Advisers raised its position in shares of Plantronics by 1.2% in the 2nd quarter. Rhumbline Advisers now owns 72,010 shares of the technology company’s stock worth $5,491,000 after buying an additional 846 shares during the period. Finally, Sawtooth Solutions LLC raised its position in shares of Plantronics by 32.0% in the 2nd quarter. Sawtooth Solutions LLC now owns 4,503 shares of the technology company’s stock worth $343,000 after buying an additional 1,092 shares during the period. Institutional investors and hedge funds own 92.39% of the company’s stock.

About Plantronics

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 also manufactures and markets specialty telephone products under the Clarity brand.

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