$0.50 Earnings Per Share Expected for Plantronics Inc (PLT) This Quarter
Analysts expect Plantronics Inc (NYSE:PLT) to report earnings per share of $0.50 for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Plantronics’ earnings. The highest EPS estimate is $0.55 and the lowest is $0.48. Plantronics reported earnings of $0.66 per share in the same quarter last year, which would indicate a negative year over year growth rate of 24.2%. The business is expected to announce its next earnings results on Tuesday, November 7th.
According to Zacks, analysts expect that Plantronics will report full year earnings of $2.32 per share for the current financial year. For the next financial year, analysts forecast that the firm will report earnings of $2.59 per share, with EPS estimates ranging from $2.58 to $2.60. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Plantronics.
Plantronics (NYSE:PLT) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $203.90 million during the quarter, compared to the consensus estimate of $217.11 million. Plantronics had a net margin of 9.23% and a return on equity of 19.60%. The business’s revenue was down 8.6% compared to the same quarter last year. During the same period last year, the business earned $0.76 earnings per share.
A number of brokerages recently commented on PLT. J P Morgan Chase & Co upgraded 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 research note on Thursday, June 1st. Zacks Investment Research cut shares of Plantronics from a “hold” rating to a “sell” rating in a research note on Saturday, May 6th. Northland Securities set a $57.00 target price on shares of Plantronics and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, BidaskClub cut shares of Plantronics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.25.
Shares of Plantronics (NYSE PLT) traded up 0.87% on Wednesday, reaching $43.05. 247,925 shares of the company were exchanged. Plantronics has a 12-month low of $42.23 and a 12-month high of $58.27. The stock has a market capitalization of $1.40 billion, a PE ratio of 17.50 and a beta of 1.27. The firm has a 50 day moving average price of $50.18 and a 200-day moving average price of $53.10.
Plantronics announced that its board has initiated a stock buyback program on Thursday, July 27th that permits the company to repurchase 1,000,000 outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Wednesday, August 16th. Plantronics’s dividend payout ratio is presently 24.29%.
In other Plantronics news, Director Marvin Tseu sold 3,546 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $54.50, for a total value of $193,257.00. Following the sale, the director now directly owns 20,084 shares in the company, valued at approximately $1,094,578. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marshall Mohr sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was 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 owns 22,384 shares in the company, valued at $1,189,485.76. The disclosure for this sale can be found here. Insiders sold a total of 6,586 shares of company stock worth $354,913 over the last quarter. Corporate insiders own 3.20% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. OxFORD Asset Management LLP purchased a new stake in Plantronics during the second quarter valued at about $243,000. Dimensional Fund Advisors LP boosted its stake in Plantronics by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 840,561 shares of the technology company’s stock valued at $43,970,000 after buying an additional 15,332 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Plantronics by 223.7% in the second quarter. Renaissance Technologies LLC now owns 296,500 shares of the technology company’s stock valued at $15,510,000 after buying an additional 204,900 shares in the last quarter. Ramsey Quantitative Systems purchased a new stake in Plantronics during the second quarter valued at about $295,000. Finally, Parametric Portfolio Associates LLC boosted its stake in Plantronics by 2.9% in the second quarter. Parametric Portfolio Associates LLC now owns 71,842 shares of the technology company’s stock valued at $3,758,000 after buying an additional 2,003 shares in the last quarter. Institutional investors and hedge funds own 90.62% of the company’s stock.
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Plantronics Company Profile
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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