Plexus (PLXS) Lowered to Hold at BidaskClub

BidaskClub downgraded shares of Plexus (NASDAQ:PLXS) from a buy rating to a hold rating in a report published on Tuesday.

Several other research analysts have also issued reports on the company. Needham & Company LLC reaffirmed a buy rating and set a $70.00 target price on shares of Plexus in a research report on Friday, July 20th. ValuEngine raised Plexus from a hold rating to a buy rating in a research report on Monday, July 2nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $69.25.

Shares of PLXS opened at $61.48 on Tuesday. Plexus has a 52 week low of $52.07 and a 52 week high of $66.78. The firm has a market capitalization of $1.98 billion, a PE ratio of 18.98 and a beta of 0.71. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.11 and a quick ratio of 1.05.

Plexus (NASDAQ:PLXS) last announced its quarterly earnings results on Wednesday, July 18th. The technology company reported $0.79 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.03). The firm had revenue of $726.39 million during the quarter, compared to the consensus estimate of $721.08 million. Plexus had a negative net margin of 1.11% and a positive return on equity of 11.37%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 earnings per share. analysts expect that Plexus will post 3.15 EPS for the current year.

In related news, VP Ronnie Darroch sold 2,300 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $60.40, for a total transaction of $138,920.00. Following the completion of the transaction, the vice president now directly owns 9,918 shares of the company’s stock, valued at approximately $599,047.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd P. Kelsey sold 14,250 shares of the stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $61.22, for a total value of $872,385.00. Following the sale, the chief executive officer now owns 75,031 shares of the company’s stock, valued at $4,593,397.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 122,830 shares of company stock valued at $7,596,700. 3.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of PLXS. Victory Capital Management Inc. grew its holdings in Plexus by 84.4% during the 2nd quarter. Victory Capital Management Inc. now owns 723,178 shares of the technology company’s stock worth $43,058,000 after acquiring an additional 330,937 shares during the period. Thrivent Financial for Lutherans grew its holdings in Plexus by 82.6% during the 1st quarter. Thrivent Financial for Lutherans now owns 525,306 shares of the technology company’s stock worth $31,377,000 after acquiring an additional 237,695 shares during the period. Cooke & Bieler LP grew its holdings in Plexus by 267.7% during the 1st quarter. Cooke & Bieler LP now owns 267,430 shares of the technology company’s stock worth $15,974,000 after acquiring an additional 194,700 shares during the period. BlackRock Inc. grew its holdings in Plexus by 3.9% during the 2nd quarter. BlackRock Inc. now owns 4,511,927 shares of the technology company’s stock worth $268,640,000 after acquiring an additional 167,870 shares during the period. Finally, Hodges Capital Management Inc. acquired a new stake in Plexus during the 2nd quarter worth about $6,216,000. Hedge funds and other institutional investors own 93.85% of the company’s stock.

About Plexus

Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers product conceptualization solutions; and product design and value-engineering solutions, including program management, feasibility studies, specification development for product features and functionality, circuit design, field programmable gate array design, printed circuit board layout, embedded software design, mechanical design, test specifications development and product verification testing, and automated production solutions and complex automation design.

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