Bank of New York Mellon Corp increased its position in shares of Plexus Corp. (NASDAQ:PLXS) by 0.4% during the 4th quarter, Holdings Channel reports. The firm owned 579,800 shares of the technology company’s stock after purchasing an additional 2,228 shares during the quarter. Bank of New York Mellon Corp’s holdings in Plexus were worth $35,206,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in PLXS. Parametrica Management Ltd purchased a new position in Plexus during the fourth quarter worth about $420,000. Crossmark Global Holdings Inc. purchased a new position in Plexus during the third quarter worth about $473,000. Cubist Systematic Strategies LLC purchased a new position in Plexus during the third quarter worth about $514,000. Tiedemann Wealth Management LLC boosted its holdings in Plexus by 9.4% during the third quarter. Tiedemann Wealth Management LLC now owns 37,706 shares of the technology company’s stock worth $550,000 after purchasing an additional 3,225 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Plexus during the fourth quarter worth about $702,000. Institutional investors and hedge funds own 97.01% of the company’s stock.
In other news, Director Stephen P. Cortinovis sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $61.30, for a total value of $383,125.00. Following the sale, the director now owns 31,322 shares of the company’s stock, valued at $1,920,038.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Ronnie Darroch sold 5,900 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $59.03, for a total transaction of $348,277.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,554 shares of company stock worth $1,726,564. Corporate insiders own 3.70% of the company’s stock.
Plexus (NASDAQ:PLXS) last released its earnings results on Wednesday, January 17th. The technology company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.80 by ($0.05). The company had revenue of $677.00 million during 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 firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 earnings per share. equities research analysts anticipate that Plexus Corp. will post 3.25 EPS for the current year.
Plexus announced that its board has initiated a stock repurchase plan on Tuesday, February 20th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Several research analysts recently weighed in on PLXS shares. TheStreet cut shares of Plexus from an “a-” rating to a “c+” rating in a report on Wednesday, January 17th. BidaskClub cut shares of Plexus from a “hold” rating to a “sell” rating in a research note on Saturday, December 16th. Longbow Research upgraded shares of Plexus from a “neutral” rating to a “buy” rating in a research note on Monday, January 8th. Finally, ValuEngine upgraded shares of Plexus from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $58.40.
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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