Plantronics (PLT) Raised to Buy at Sidoti

Sidoti upgraded shares of Plantronics (NYSE:PLT) from a neutral rating to a buy rating in a report issued on Tuesday morning, MarketBeat Ratings reports. They currently have $60.00 target price on the technology company’s stock.

PLT has been the topic of several other research reports. Zacks Investment Research raised shares of 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 shares of Plantronics and gave the company a buy rating in a research report on Wednesday, November 1st. Finally, TheStreet raised shares of Plantronics from a c+ rating to a b rating in a research report on Friday, November 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $58.00.

Shares of Plantronics (PLT) opened at $53.74 on Tuesday. The company has a market cap of $1,760.00, a P/E ratio of 22.02, a PEG ratio of 1.59 and a beta of 1.31. The company has a current ratio of 6.44, a quick ratio of 5.90 and a debt-to-equity ratio of 1.27. Plantronics has a 12-month low of $41.28 and a 12-month high of $58.27.

The business also recently announced a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Monday, November 20th were issued a $0.15 dividend. The ex-dividend date was Friday, November 17th. This represents a $0.60 annualized dividend and a yield of 1.12%. Plantronics’s dividend payout ratio (DPR) is presently 24.59%.

In related news, Director John Hart sold 21,083 shares of Plantronics stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $52.56, for a total value of $1,108,122.48. Following the completion of the sale, the director now owns 11,094 shares in the company, valued at approximately $583,100.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph B. Burton sold 3,188 shares of Plantronics stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $51.87, for a total transaction of $165,361.56. Following the completion of the sale, the chief executive officer now owns 92,373 shares of the company’s stock, valued at approximately $4,791,387.51. The disclosure for this sale can be found here. Insiders sold a total of 27,145 shares of company stock valued at $1,420,777 in the last quarter. 3.20% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of PLT. Acrospire Investment Management LLC acquired a new stake in Plantronics in the 2nd quarter valued at approximately $126,000. Riverhead Capital Management LLC increased its holdings 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 during the last quarter. Victory Capital Management Inc. grew its stake in shares of Plantronics by 17.6% in the second quarter. Victory Capital Management Inc. now owns 3,304 shares of the technology company’s stock worth $173,000 after acquiring an additional 494 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of Plantronics by 0.8% in the second quarter. Neuberger Berman Group LLC now owns 3,839 shares of the technology company’s stock worth $201,000 after acquiring an additional 31 shares in the last quarter. Finally, Airain ltd acquired a new position in shares of Plantronics in the second quarter worth $225,000. Hedge funds and other institutional investors own 90.89% of the company’s stock.

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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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