JPMorgan Chase & Co. reduced its stake in shares of Plantronics, Inc. (NYSE:PLT) by 37.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 286,656 shares of the technology company’s stock after selling 175,196 shares during the period. JPMorgan Chase & Co.’s holdings in Plantronics were worth $15,512,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Elkfork Partners LLC purchased a new position in Plantronics during the fourth quarter valued at about $100,000. Meadow Creek Investment Management LLC increased its position in Plantronics by 24.6% in the first quarter. Meadow Creek Investment Management LLC now owns 2,754 shares of the technology company’s stock valued at $149,000 after buying an additional 544 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Plantronics by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 4,096 shares of the technology company’s stock valued at $222,000 after buying an additional 312 shares during the last quarter. Shelton Capital Management purchased a new position in Plantronics during the fourth quarter valued at about $242,000. Finally, US Bancorp DE increased its position in Plantronics by 14.2% in the first quarter. US Bancorp DE now owns 4,477 shares of the technology company’s stock valued at $242,000 after buying an additional 555 shares during the last quarter. 91.35% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Plantronics, Inc. (PLT) opened at 53.92 on Tuesday. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 21.48 and a beta of 1.34. Plantronics, Inc. has a 12-month low of $40.81 and a 12-month high of $58.27. The firm has a 50-day moving average of $54.49 and a 200 day moving average of $54.28.
Plantronics (NYSE:PLT) last announced its quarterly earnings results on Monday, May 1st. The technology company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.10. Plantronics had a net margin of 9.37% and a return on equity of 23.25%. The company had revenue of $208.95 million for the quarter, compared to the consensus estimate of $217.11 million. During the same quarter in the prior year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts forecast that Plantronics, Inc. will post $3.28 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Friday, May 19th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Wednesday, May 17th. Plantronics’s dividend payout ratio (DPR) is presently 23.81%.
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Several equities analysts recently issued reports on the company. Zacks Investment Research raised Plantronics from a “sell” rating to a “hold” rating in a research report on Friday, March 31st. J P Morgan Chase & Co raised shares of Plantronics from a “neutral” rating to an “overweight” rating and upped their price target for the company from $59.00 to $63.00 in a report on Thursday, June 1st.
In other Plantronics news, Director Brian S. Dexheimer sold 3,189 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $56.03, for a total value of $178,679.67. Following the sale, the director now owns 18,334 shares of the company’s stock, valued at $1,027,254.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marshall Mohr sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $53.14, for a total transaction of $159,420.00. Following the completion of the sale, the director now directly owns 22,384 shares in the company, valued at approximately $1,189,485.76. The disclosure for this sale can be found here. Insiders sold 9,775 shares of company stock worth $533,593 in the last ninety days. Insiders own 4.20% of the company’s stock.
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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