Northern Trust Corp Reduces Stake in Plantronics Inc (PLT)

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Northern Trust Corp lessened its position in Plantronics Inc (NYSE:PLT) by 0.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 626,396 shares of the technology company’s stock after selling 2,937 shares during the period. Northern Trust Corp’s holdings in Plantronics were worth $20,734,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PLT. Blueshift Asset Management LLC bought a new position in Plantronics during the fourth quarter valued at about $1,477,000. GSA Capital Partners LLP increased its stake in Plantronics by 0.7% during the fourth quarter. GSA Capital Partners LLP now owns 49,727 shares of the technology company’s stock valued at $1,646,000 after acquiring an additional 329 shares during the period. Citigroup Inc. increased its stake in Plantronics by 4.3% during the fourth quarter. Citigroup Inc. now owns 17,837 shares of the technology company’s stock valued at $590,000 after acquiring an additional 737 shares during the period. Texas Permanent School Fund increased its stake in Plantronics by 4.2% during the fourth quarter. Texas Permanent School Fund now owns 21,619 shares of the technology company’s stock valued at $716,000 after acquiring an additional 874 shares during the period. Finally, BlackRock Inc. increased its stake in Plantronics by 4.9% during the fourth quarter. BlackRock Inc. now owns 4,183,299 shares of the technology company’s stock valued at $138,466,000 after acquiring an additional 193,974 shares during the period. 97.20% of the stock is currently owned by institutional investors.

In related news, Director Brian S. Dexheimer acquired 10,427 shares of the stock in a transaction dated Tuesday, February 12th. The shares were bought at an average cost of $46.08 per share, for a total transaction of $480,476.16. Following the purchase, the director now owns 29,027 shares in the company, valued at approximately $1,337,564.16. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Guido Jouret acquired 1,500 shares of the stock in a transaction dated Tuesday, February 19th. The stock was bought at an average price of $49.03 per share, for a total transaction of $73,545.00. Following the completion of the purchase, the director now owns 4,988 shares in the company, valued at approximately $244,561.64. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

Several equities analysts recently issued reports on PLT shares. Zacks Investment Research upgraded Plantronics from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 9th. Northland Securities restated a “buy” rating and set a $85.00 price target on shares of Plantronics in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $65.00.

Shares of PLT opened at $47.86 on Wednesday. Plantronics Inc has a 12-month low of $30.90 and a 12-month high of $82.28. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.26 and a current ratio of 1.53. The stock has a market cap of $1.88 billion, a P/E ratio of 17.66 and a beta of 1.49.

Plantronics (NYSE:PLT) last released its quarterly earnings data on Tuesday, February 5th. The technology company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.70. Plantronics had a positive return on equity of 20.15% and a negative net margin of 7.32%. The company had revenue of $530.60 million for the quarter, compared to analyst estimates of $507.87 million. During the same period in the prior year, the company posted $1.02 EPS. The company’s revenue was up 134.3% compared to the same quarter last year. Analysts anticipate that Plantronics Inc will post 3.87 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Wednesday, February 20th were paid a $0.15 dividend. The ex-dividend date was Tuesday, February 19th. This represents a $0.60 annualized dividend and a dividend yield of 1.25%. Plantronics’s dividend payout ratio is currently 22.14%.

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About Plantronics

Plantronics, Inc designs, manufactures, and markets lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand worldwide. The company's enterprise products include headsets optimized for unified communications and collaboration, other corded and cordless communication headsets, audio processors, and telephone systems; and consumer products comprise Bluetooth and corded products for mobile device applications, personal computers, and gaming headsets.

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Institutional Ownership by Quarter for Plantronics (NYSE:PLT)

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