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Plantronics Inc (NYSE:PLT) Sees Significant Decrease in Short Interest

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

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In other Plantronics news, Director Brian S. Dexheimer acquired 6,124 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were acquired at an average cost of $24.88 per share, with a total value of $152,365.12. Following the acquisition, the director now directly owns 59,536 shares of the company’s stock, valued at $1,481,255.68. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 completion of the sale, the chief executive officer now directly owns 156,960 shares in the company, valued at $5,179,680. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Eqis Capital Management Inc. boosted its position in shares of Plantronics by 2.3% in the 3rd quarter. Eqis Capital Management Inc. now owns 19,907 shares of the technology company’s stock worth $743,000 after buying an additional 440 shares in the last quarter. First Trust Advisors LP raised its stake in Plantronics by 46.2% in the 3rd quarter. First Trust Advisors LP now owns 13,520 shares of the technology company’s stock valued at $505,000 after purchasing an additional 4,274 shares during the last quarter. First Mercantile Trust Co. raised its stake in Plantronics by 25.8% in the 3rd quarter. First Mercantile Trust Co. now owns 1,502 shares of the technology company’s stock valued at $56,000 after purchasing an additional 308 shares during the last quarter. Mackay Shields LLC acquired a new position in shares of Plantronics during the 3rd quarter valued at about $265,000. Finally, Teton Advisors Inc. increased its position in Plantronics by 41.5% during the 3rd quarter. Teton Advisors Inc. now owns 27,600 shares of the technology company’s stock worth $1,030,000 after purchasing an additional 8,100 shares in the last quarter. Institutional investors own 97.36% of the company’s stock.

A number of brokerages recently issued reports on PLT. Cowen set a $61.00 price target on shares of Plantronics and gave the stock 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 research report on Wednesday, October 9th. Morgan Stanley initiated coverage on shares of Plantronics in a research report on Thursday, September 19th. They issued an “overweight” rating and a $58.00 target price for the company. Finally, Northland Securities initiated coverage on shares of Plantronics in a research report on Friday. They set a “hold” rating and a $35.00 price objective for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $55.33.

PLT stock traded up $0.44 during mid-day trading on Monday, hitting $25.34. 14,963 shares of the company were exchanged, compared to its average volume of 1,066,102. The business has a fifty day simple moving average of $33.42 and a 200-day simple moving average of $36.48. The company has a quick ratio of 0.99, a current ratio of 1.38 and a debt-to-equity ratio of 2.46. Plantronics has a 12-month low of $23.14 and a 12-month high of $53.92. The firm has a market capitalization of $972.35 million, a P/E ratio of 6.31 and a beta of 1.54.

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

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 20th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.60 dividend on an annualized basis and a yield of 2.37%. Plantronics’s dividend payout ratio (DPR) is 15.00%.

About Plantronics

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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