Brokerages expect Plantronics, Inc. (NYSE:PLT) to report $220.40 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Plantronics’ earnings, with estimates ranging from $219.73 million to $221.00 million. Plantronics posted sales of $232.93 million during the same quarter last year, which would indicate a negative year over year growth rate of 5.4%. The company is scheduled to issue its next quarterly earnings report on Tuesday, January 30th.
On average, analysts expect that Plantronics will report full-year sales of $220.40 million for the current fiscal year, with estimates ranging from $837.11 million to $847.84 million. For the next year, analysts expect that the firm will post sales of $854.87 million per share, with estimates ranging from $837.00 million to $865.58 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Plantronics.
Several analysts have recently issued reports on the company. Northland Securities set a $57.00 price target on Plantronics and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research upgraded Plantronics from a “sell” rating to a “hold” rating in a research note on Tuesday, September 5th. TheStreet downgraded Plantronics from a “b-” rating to a “c+” rating in a research note on Monday, August 21st. J P Morgan Chase & Co downgraded Plantronics from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $63.00 to $60.00 in a research note on Friday, July 28th. Finally, Roth Capital set a $55.00 target price on Plantronics and gave the company a “buy” rating in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $57.33.
In other Plantronics news, CEO Joseph B. Burton sold 3,188 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $51.87, for a total value of $165,361.56. Following the completion of the transaction, the chief executive officer now owns 92,373 shares of the company’s stock, valued at approximately $4,791,387.51. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Maria Martinez sold 2,874 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $51.25, for a total value of $147,292.50. Following the completion of the transaction, the director now directly owns 7,389 shares of the company’s stock, valued at approximately $378,686.25. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the business. Neuberger Berman Group LLC raised its holdings in Plantronics by 0.8% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock valued at $201,000 after acquiring an additional 31 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Plantronics by 0.7% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,880 shares of the technology company’s stock valued at $255,000 after acquiring an additional 33 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its holdings in Plantronics by 0.6% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 5,753 shares of the technology company’s stock valued at $253,000 after acquiring an additional 34 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in Plantronics by 0.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 14,054 shares of the technology company’s stock valued at $735,000 after acquiring an additional 79 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Plantronics by 5.0% in the 2nd quarter. Amalgamated Bank now owns 4,788 shares of the technology company’s stock valued at $250,000 after acquiring an additional 230 shares in the last quarter. 91.45% of the stock is owned by hedge funds and other institutional investors.
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Shares of Plantronics (NYSE PLT) opened at $50.25 on Monday. The stock has a market capitalization of $1,661.57, a PE ratio of 22.04, a PEG ratio of 1.53 and a beta of 1.24. Plantronics has a 52 week low of $41.28 and a 52 week high of $58.27. The company has a debt-to-equity ratio of 1.27, a quick ratio of 5.90 and a current ratio of 6.44.
Plantronics announced that its Board of Directors has authorized a stock repurchase plan on Thursday, July 27th that allows the company to buyback 1,000,000 shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Monday, November 20th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.60 annualized dividend and a yield of 1.19%. Plantronics’s payout ratio is 24.69%.
Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer and marketer of communications headsets, telephone headset systems, other communication endpoints and accessories for the business and consumer markets.
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