BlackRock Inc. reduced its position in Plexus Corp. (NASDAQ:PLXS) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,123,566 shares of the technology company’s stock after selling 143,627 shares during the quarter. BlackRock Inc. owned approximately 12.28% of Plexus Corp. worth $216,776,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Riverhead Capital Management LLC boosted its stake in shares of Plexus Corp. by 69.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,366 shares of the technology company’s stock valued at $124,000 after buying an additional 966 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in Plexus Corp. during the first quarter worth approximately $166,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Plexus Corp. during the first quarter worth approximately $200,000. Neuberger Berman Group LLC lifted its stake in Plexus Corp. by 0.8% during the second quarter. Neuberger Berman Group LLC now owns 3,834 shares of the technology company’s stock worth $202,000 after purchasing an additional 31 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in Plexus Corp. by 20.0% during the first quarter. SG Americas Securities LLC now owns 3,655 shares of the technology company’s stock worth $211,000 after purchasing an additional 609 shares during the last quarter. 93.47% of the stock is owned by institutional investors.
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In other news, Director Ralf R. Boer sold 1,374 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $50.00, for a total transaction of $68,700.00. Following the completion of the transaction, the director now directly owns 23,124 shares in the company, valued at approximately $1,156,200. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Ronnie Darroch sold 26,757 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $54.94, for a total transaction of $1,470,029.58. Following the completion of the sale, the vice president now owns 9,397 shares of the company’s stock, valued at $516,271.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,180 shares of company stock valued at $4,840,872. 4.30% of the stock is owned by corporate insiders.
Several equities research analysts recently weighed in on PLXS shares. ValuEngine cut Plexus Corp. from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Stifel Nicolaus reaffirmed a “hold” rating and set a $54.00 price target (up previously from $50.00) on shares of Plexus Corp. in a research report on Friday, July 21st. Deutsche Bank AG lifted their price target on Plexus Corp. from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Friday, July 21st. Citigroup Inc. boosted their target price on Plexus Corp. from $56.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, July 21st. Finally, Zacks Investment Research lowered Plexus Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Plexus Corp. has an average rating of “Hold” and an average price target of $57.00.
Shares of Plexus Corp. (NASDAQ PLXS) opened at 58.58 on Tuesday. The firm has a market cap of $1.97 billion, a PE ratio of 19.78 and a beta of 0.95. The stock has a 50 day moving average price of $54.79 and a 200 day moving average price of $53.30. Plexus Corp. has a 12 month low of $44.35 and a 12 month high of $59.55.
Plexus Corp. (NASDAQ:PLXS) last released its quarterly earnings data on Wednesday, July 19th. The technology company reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.02. Plexus Corp. had a net margin of 4.07% and a return on equity of 10.76%. The business had revenue of $618.80 million during the quarter, compared to analysts’ expectations of $608.95 million. During the same quarter in the prior year, the company earned $0.82 EPS. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. On average, equities research analysts expect that Plexus Corp. will post $3.22 EPS for the current year.
Plexus Corp. Profile
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. The Company delivers end-to-end solutions for customers in the Americas (AMER), Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.
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