Plantronics, Inc. (PLT) Receives $60.00 Consensus Price Target from Brokerages

Shares of Plantronics, Inc. (NYSE:PLT) have been assigned an average recommendation of “Hold” from the six research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $60.00.

PLT has been the topic of several recent research reports. Northland Securities set a $57.00 price target on Plantronics and gave the stock a “buy” rating in a report on Tuesday, July 25th. BidaskClub downgraded Plantronics from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Zacks Investment Research raised Plantronics from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 4th. J P Morgan Chase & Co downgraded Plantronics from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $60.00 in a report on Friday, July 28th. Finally, TheStreet downgraded Plantronics from a “b-” rating to a “c+” rating in a report on Monday, August 21st.

Institutional investors have recently made changes to their positions in the business. Elkfork Partners LLC raised its stake in Plantronics by 24.6% during the 1st quarter. Elkfork Partners LLC now owns 2,268 shares of the technology company’s stock valued at $123,000 after acquiring an additional 448 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in Plantronics during the 2nd quarter valued at $126,000. Riverhead Capital Management LLC raised 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 acquiring an additional 1,197 shares in the last quarter. LS Investment Advisors LLC raised 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 acquiring an additional 395 shares in the last quarter. Finally, Meadow Creek Investment Management LLC raised its stake in Plantronics by 24.6% during the 1st quarter. Meadow Creek Investment Management LLC now owns 2,754 shares of the technology company’s stock valued at $149,000 after acquiring an additional 544 shares in the last quarter. 91.19% of the stock is currently owned by hedge funds and other institutional investors.

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Plantronics (PLT) traded down 0.07% during midday trading on Friday, hitting $43.55. The stock had a trading volume of 95,166 shares. The firm has a market cap of $1.42 billion, a PE ratio of 17.70 and a beta of 1.26. Plantronics has a one year low of $41.28 and a one year high of $58.27. The stock has a 50-day moving average price of $42.96 and a 200 day moving average price of $50.80.

Plantronics (NYSE:PLT) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.05). The company had revenue of $203.90 million during the quarter, compared to the consensus estimate of $217.11 million. Plantronics had a return on equity of 21.31% and a net margin of 9.40%. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period last year, the business posted $0.76 EPS. On average, analysts predict that Plantronics will post $2.88 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Wednesday, August 16th. Plantronics’s payout ratio is currently 24.29%.

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 outstanding shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Plantronics Company Profile

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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