Roth Capital set a $55.00 price objective on Plantronics, Inc. (NYSE:PLT) in a research note published on Wednesday, November 1st. The firm currently has a buy rating on the technology company’s stock.
PLT has been the topic of a number of other reports. Zacks Investment Research raised shares of Plantronics from a sell rating to a hold rating in a report on Tuesday, October 3rd. J P Morgan Chase & Co cut Plantronics from an overweight rating to a neutral rating and lowered their target price for the stock from $63.00 to $60.00 in a research note on Friday, July 28th. TheStreet cut Plantronics from a b- rating to a c+ rating in a research report on Monday, August 21st. BidaskClub cut Plantronics from a sell rating to a strong sell rating in a research report on Wednesday, July 12th. Finally, Northland Securities set a $57.00 price objective on Plantronics and gave the stock a buy rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $57.33.
Shares of Plantronics (NYSE:PLT) opened at $50.25 on Wednesday. Plantronics has a 52-week low of $41.28 and a 52-week high of $58.27. The company has a current ratio of 6.44, a quick ratio of 5.90 and a debt-to-equity ratio of 1.27. The company has a market cap of $1,661.57, a P/E ratio of 22.04, a PEG ratio of 1.53 and a beta of 1.24.
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Plantronics announced that its board has approved a share repurchase program on Thursday, July 27th that authorizes the company to repurchase 1,000,000 outstanding shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Monday, November 20th will be issued a $0.15 dividend. The ex-dividend date is Friday, November 17th. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. Plantronics’s dividend payout ratio (DPR) is 24.69%.
In other news, Director Maria Martinez sold 2,874 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $51.25, for a total value of $147,292.50. Following the transaction, the director now owns 7,389 shares of the company’s stock, valued at $378,686.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph B. Burton sold 3,188 shares of Plantronics stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $51.87, for a total value of $165,361.56. Following the sale, the chief executive officer now directly owns 92,373 shares in the company, valued at approximately $4,791,387.51. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new position in shares of Plantronics in the 2nd quarter worth $126,000. Riverhead Capital Management LLC grew its stake in Plantronics by 85.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,597 shares of the technology company’s stock valued at $136,000 after purchasing an additional 1,197 shares during the last quarter. LS Investment Advisors LLC grew its stake in Plantronics by 17.6% during the 2nd quarter. LS Investment Advisors LLC now owns 2,641 shares of the technology company’s stock valued at $138,000 after purchasing an additional 395 shares during the last quarter. Victory Capital Management Inc. grew its stake in Plantronics by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 3,304 shares of the technology company’s stock valued at $173,000 after purchasing an additional 494 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in shares of Plantronics by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock worth $201,000 after buying an additional 31 shares during the last quarter. 91.45% of the stock is owned by hedge funds and other institutional investors.
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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