PRIMECAP Management Co. recently announced the acquisition of new stake in Plantronics Inc. (NYSE:PLT). The institutional investor has increased its shareholding in the Technology company by 0.53% to 5.99 million shares with purchase of 31800.0 shares. This fresh investment now brings its stake to 14.70% valued currently at $119.7 million. In addition, BlackRock Fund Advisors raised its holdings by 59859.0 to 4.84 million shares. And Columbia Management Investment Ad.. has lifted its position by 4.99% or 0.2 million shares – to 4.16 million shares.
With over 5.12 million Plantronics Inc. (PLT) shares trading Friday and a closing price of $12.74 on the day, the dollar volume was approximately $65.23 million. The shares have shown a negative weekly performance of -21.70% and its price on 08/28/20 lost nearly -13.27%. Currently, there are 40.46M common shares owned by the public and among those 32.84M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for PLT have a consensus price objective of $18.50. The analysts have set the share’s price value over the next 12 months at a high of $24.00 and a low of $10.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Plantronics Inc. stock is 3.20 for the next 12 months. The average price target is 31.14% above its last price level and an upside to the estimated low will see the stock lose -27.4% over that period. But an upside of 46.92% will see the stock hit the forecast high price target while mean target price for the stock is $19.50.
Insiders at the company have transacted a total of 252 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 226 of these insider trades were purchases, accounting for 840,133 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 99,036 shares.
The top 3 mutual fund holders in Plantronics Inc. are Vanguard PRIMECAP Fund, Columbia Seligman Communications, and iShares Core S&P Small Cap ETF. Vanguard PRIMECAP Fund owns 3.67 million shares of the company’s stock, all valued at over $73.41 million. Columbia Seligman Communications bought 0.23 million shares to see its total holdings expand to 2.32 million shares valued at over $46.39 million and representing 5.70% of the shares outstanding. iShares Core S&P Small Cap ETF bought 19642.0 shares to bring its total holdings to over 2.08 million shares at a value of $41.63 million. iShares Core S&P Small Cap ETF now owns shares totaling to 5.11% of the shares outstanding.
Shares of Plantronics Inc. (NYSE: PLT) opened at $13.32, down -$1.37 from a prior closing price of $14.69. However, the script later closed the day at $12.74, down -13.27%. The company’s stock has a 5-day price change of -21.70% and -0.08% over the past three months. PLT shares are trading -53.40% year to date (YTD), with the 12-month market performance down to -57.38% lower. It has a 12-month low price of $4.60 and touched a high of $42.44 over the same period. Currently, 5.12 million shares have been traded, compared to an average intraday trading volume of 994.79K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -29.08%, -24.81%, and -28.49% respectively.
Institutional ownership of Plantronics Inc. (NYSE: PLT) 40.46M shares outstanding. Mutual fund holders own 27.68%, while other institutional holders and individual stakeholders account for 59.14% and 22.73% respectively.
It has a market capitalization of $598.53M and a beta (3y monthly) value of 2.03. The earnings-per-share (ttm) stands at -$21.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.46% over the week and 5.40% over the month.
Analysts forecast that Plantronics Inc. (PLT) will achieve an EPS of $0.44 for the current quarter, $0.45 for the next quarter and $2.69 for 2022. The lowest estimate earnings-per-share for the quarter is $0.41 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $1.24 a year ago. Earnings per share for the fiscal year are expected to decrease by -464.70%, and 44.42% over the next financial year. EPS should grow at an annualized rate of 15.00% over the next five years, compared to -58.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Plantronics Inc. (PLT) as a “Hold” at a consensus score of 3.20. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the PLT, a number of firms have released research notes about the stock. Morgan Stanley stated their Underweight rating for the stock in a research note on April 16, 2020, with the firm’s price target at $10. JP Morgan coverage for the Plantronics Inc. (PLT) stock in a research note released on March 30, 2020 offered a Underweight rating with a price target of. Morgan Stanley was of a view on February 05, 2020 that the stock is Equal-Weight, while Evercore ISI gave the stock In-line rating on February 05, 2020, issuing a price target of $21. JP Morgan on their part issued Neutral rating on December 05, 2019.