Cornercap Investment Counsel Inc. cut its holdings in Plexus Corp. (NASDAQ:PLXS) by 17.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,855 shares of the technology company’s stock after selling 2,685 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Plexus were worth $781,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Deutsche Bank AG lifted its stake in Plexus by 60.6% in the fourth quarter. Deutsche Bank AG now owns 138,411 shares of the technology company’s stock worth $8,401,000 after acquiring an additional 52,209 shares during the period. Franklin Resources Inc. lifted its stake in Plexus by 67.3% in the fourth quarter. Franklin Resources Inc. now owns 1,192,000 shares of the technology company’s stock worth $72,378,000 after acquiring an additional 479,300 shares during the period. Thrivent Financial For Lutherans lifted its stake in Plexus by 99.7% in the fourth quarter. Thrivent Financial For Lutherans now owns 287,611 shares of the technology company’s stock worth $17,464,000 after acquiring an additional 143,561 shares during the period. Sawgrass Asset Management LLC lifted its stake in Plexus by 44.2% in the fourth quarter. Sawgrass Asset Management LLC now owns 6,200 shares of the technology company’s stock worth $376,000 after acquiring an additional 1,900 shares during the period. Finally, BlackRock Inc. lifted its stake in Plexus by 2.6% in the fourth quarter. BlackRock Inc. now owns 4,313,584 shares of the technology company’s stock worth $261,921,000 after acquiring an additional 107,433 shares during the period. 97.01% of the stock is owned by institutional investors.
A number of analysts recently weighed in on PLXS shares. BidaskClub lowered shares of Plexus from a “hold” rating to a “sell” rating in a research note on Saturday, December 16th. ValuEngine raised shares of Plexus from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Longbow Research raised shares of Plexus from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th. Finally, TheStreet lowered shares of Plexus from an “a-” rating to a “c+” rating in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $58.40.
Plexus (NASDAQ:PLXS) last released its quarterly earnings results on Wednesday, January 17th. The technology company reported $0.75 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by ($0.05). The firm had revenue of $677.00 million for the quarter, compared to analysts’ expectations of $685.07 million. Plexus had a negative net margin of 0.57% and a positive return on equity of 11.24%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 earnings per share. equities research analysts predict that Plexus Corp. will post 3.25 EPS for the current year.
Plexus declared that its Board of Directors has approved a stock buyback plan on Tuesday, February 20th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Peter Kelly acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The stock was purchased at an average cost of $60.10 per share, with a total value of $300,500.00. Following the transaction, the director now directly owns 21,896 shares of the company’s stock, valued at approximately $1,315,949.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd P. Kelsey sold 6,500 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $60.90, for a total transaction of $395,850.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,554 shares of company stock valued at $1,726,564. Insiders own 3.70% of the company’s stock.
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. The Company delivers end-to-end solutions for customers in the Americas (AMER), Europe, Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions. The Company’s segments are AMER, APAC and EMEA.
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