Plantronics Inc (NYSE:PLT) Short Interest Down 6.9% in October

Plantronics Inc (NYSE:PLT) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,090,000 shares, a drop of 6.9% from the September 30th total of 3,320,000 shares. Approximately 9.4% of the company’s shares are short sold. Based on an average trading volume of 577,300 shares, the short-interest ratio is currently 5.4 days.

In other news, CEO Joseph B. Burton sold 5,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.00, for a total transaction of $165,000.00. Following the transaction, the chief executive officer now directly owns 156,960 shares of the company’s stock, valued at approximately $5,179,680. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brian S. Dexheimer acquired 6,124 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was acquired at an average cost of $24.88 per share, for a total transaction of $152,365.12. Following the completion of the purchase, the director now owns 59,536 shares in the company, valued at approximately $1,481,255.68. The disclosure for this purchase can be found here. 1.70% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Skyline Asset Management LP raised its stake in shares of Plantronics by 14.8% during the second quarter. Skyline Asset Management LP now owns 169,100 shares of the technology company’s stock valued at $6,263,000 after purchasing an additional 21,800 shares in the last quarter. Peregrine Capital Management LLC lifted its stake in shares of Plantronics by 7.7% during the 2nd quarter. Peregrine Capital Management LLC now owns 190,178 shares of the technology company’s stock valued at $7,044,000 after buying an additional 13,644 shares in the last quarter. Arizona State Retirement System lifted its stake in Plantronics by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 23,806 shares of the technology company’s stock worth $882,000 after purchasing an additional 282 shares in the last quarter. SG Americas Securities LLC lifted its stake in Plantronics by 120.2% in the 2nd quarter. SG Americas Securities LLC now owns 24,190 shares of the technology company’s stock worth $896,000 after purchasing an additional 13,205 shares in the last quarter. Finally, Cubic Asset Management LLC purchased a new stake in Plantronics in the 2nd quarter worth $887,000. Institutional investors and hedge funds own 97.36% of the company’s stock.

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PLT has been the topic of a number of recent research reports. Morgan Stanley initiated coverage on shares of Plantronics in a report on Thursday, September 19th. They issued an “overweight” rating and a $58.00 target price on the stock. Cowen set a $61.00 target price on shares of Plantronics and gave the company a “buy” rating in a report on Wednesday, August 7th. Zacks Investment Research upgraded shares of Plantronics from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. Finally, Northland Securities lowered shares of Plantronics from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $70.00 to $35.00 in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Plantronics currently has a consensus rating of “Buy” and a consensus target price of $55.33.

Shares of PLT stock traded down $0.35 during trading hours on Tuesday, hitting $26.05. 12,270 shares of the company were exchanged, compared to its average volume of 971,692. The firm has a market cap of $1.05 billion, a PE ratio of 6.51 and a beta of 1.54. Plantronics has a 1 year low of $23.14 and a 1 year high of $53.92. The company has a quick ratio of 0.99, a current ratio of 1.38 and a debt-to-equity ratio of 2.46. The firm has a fifty day moving average of $34.31 and a 200 day moving average of $37.02.

Plantronics (NYSE:PLT) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported $1.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.18. The business had revenue of $461.71 million for the quarter, compared to analyst estimates of $478.38 million. Plantronics had a negative net margin of 7.13% and a positive return on equity of 24.27%. The company’s revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.51 EPS. Analysts expect that Plantronics will post 1.87 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 20th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.60 annualized dividend and a dividend yield of 2.30%. Plantronics’s payout ratio is currently 15.00%.

Plantronics Company Profile

Plantronics, Inc designs, manufactures, and markets integrated communications and collaborations solutions for consumers and businesses worldwide. The company offers its communications and collaboration solutions for voice, video, and content sharing, as well as a line of support and services for the workplace under the Polycom brand.

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