Bessemer Group Inc. increased its position in shares of Plantronics, Inc. (NYSE:PLT) by 25.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,400 shares of the technology company’s stock after acquiring an additional 7,900 shares during the period. Bessemer Group Inc. owned about 0.12% of Plantronics worth $1,698,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Acrospire Investment Management LLC acquired a new position in Plantronics during the 2nd quarter worth about $126,000. Riverhead Capital Management LLC raised its position in Plantronics by 85.5% in 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 in the last quarter. LS Investment Advisors LLC raised its position in Plantronics by 17.6% in 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 in the last quarter. Victory Capital Management Inc. raised its position in Plantronics by 17.6% in 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 in the last quarter. Finally, Neuberger Berman Group LLC raised its position 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 purchasing an additional 31 shares in the last quarter. 91.45% of the stock is currently owned by hedge funds and other institutional investors.
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 transaction of $147,292.50. Following the sale, the director now owns 7,389 shares of the company’s stock, valued at approximately $378,686.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph B. Burton sold 3,188 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was 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. 3.20% of the stock is currently owned by company insiders.
A number of equities research analysts have issued reports on PLT shares. Zacks Investment Research raised Plantronics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Roth Capital set a $55.00 price target on Plantronics and gave the company a “buy” rating in a research report on Wednesday, November 1st. J P Morgan Chase & Co lowered Plantronics from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $63.00 to $60.00 in a research report on Friday, July 28th. TheStreet lowered Plantronics from a “b-” rating to a “c+” rating in a research report on Monday, August 21st. Finally, Northland Securities set a $57.00 price target on Plantronics and gave the company a “buy” rating in a research 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 issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $57.33.
Shares of Plantronics, Inc. (NYSE PLT) opened at $50.41 on Wednesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 6.44 and a quick ratio of 5.90. Plantronics, Inc. has a 12-month low of $41.28 and a 12-month high of $58.27. The stock has a market capitalization of $1,661.24, a PE ratio of 22.03, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24.
Plantronics announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 27th that allows the company to buyback 1,000,000 outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Monday, November 20th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, November 17th. Plantronics’s dividend payout ratio (DPR) is presently 24.69%.
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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