Plantronics, Inc. (PLT) PT Set at $55.00 by Roth Capital

Roth Capital set a $55.00 price target on Plantronics, Inc. (NYSE:PLT) in a report published on Wednesday, November 1st. The brokerage currently has a buy rating on the technology company’s stock.

PLT has been the topic of several other research reports. Zacks Investment Research upgraded shares of Plantronics from a sell rating to a hold rating in a research note on Tuesday, September 5th. BidaskClub downgraded shares of Plantronics from a sell rating to a strong sell rating in a report on Wednesday, July 12th. J P Morgan Chase & Co downgraded shares of 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 report on Friday, July 28th. TheStreet downgraded shares of Plantronics from a b- rating to a c+ rating in a report on Monday, August 21st. Finally, Northland Securities set a $57.00 price target on shares of Plantronics and gave the company a buy rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Plantronics presently has an average rating of Hold and an average price target of $57.33.

Shares of Plantronics (NYSE PLT) opened at $51.21 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 has a 1 year low of $41.28 and a 1 year high of $58.27. The company has a market cap of $1,691.00, a P/E ratio of 22.43, a price-to-earnings-growth ratio of 1.56 and a beta of 1.24.

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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 issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. Plantronics’s dividend payout ratio (DPR) is presently 24.69%.

Plantronics declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 27th that permits the company to buyback 1,000,000 outstanding shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In other Plantronics news, CEO Joseph B. Burton sold 3,188 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.87, for a total value of $165,361.56. Following the completion of the sale, the chief executive officer now directly owns 92,373 shares of the company’s stock, valued at approximately $4,791,387.51. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Maria Martinez sold 2,874 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.25, for a total transaction of $147,292.50. Following the completion of the sale, the director now directly owns 7,389 shares of the company’s stock, valued at $378,686.25. 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 made changes to their positions in the company. Marshall Wace North America L.P. purchased a new stake in shares of Plantronics in the 2nd quarter worth approximately $2,884,000. Principal Financial Group Inc. lifted its position in shares of Plantronics by 1.7% in the 2nd quarter. Principal Financial Group Inc. now owns 576,567 shares of the technology company’s stock worth $30,160,000 after purchasing an additional 9,679 shares during the period. Prudential Financial Inc. lifted its position in shares of Plantronics by 2.0% in the 2nd quarter. Prudential Financial Inc. now owns 475,996 shares of the technology company’s stock worth $24,899,000 after purchasing an additional 9,376 shares during the period. Vanguard Group Inc. lifted its position in shares of Plantronics by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 2,762,404 shares of the technology company’s stock worth $144,502,000 after purchasing an additional 34,223 shares during the period. Finally, Capital Fund Management S.A. purchased a new stake in shares of Plantronics in the 2nd quarter worth approximately $1,245,000. 90.28% of the stock is owned by hedge funds and other institutional investors.

About Plantronics

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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