Logitech International (NASDAQ:LOGI) Issues Quarterly Earnings Results, Beats Estimates By $0.55 EPS

Logitech International (NASDAQ:LOGIGet Free Report) released its earnings results on Tuesday. The technology company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.30 by $0.55, FiscalAI reports. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion.

Logitech International Stock Performance

LOGI traded up $3.84 on Tuesday, reaching $111.66. 2,530,857 shares of the company’s stock were exchanged, compared to its average volume of 1,163,206. The company’s 50 day moving average is $106.20 and its 200-day moving average is $98.33. The company has a market cap of $16.37 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 4.43 and a beta of 1.17. Logitech International has a twelve month low of $83.32 and a twelve month high of $129.66.

Logitech International Cuts Dividend

The company also recently announced an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be issued a dividend of $1.36 per share. The ex-dividend date is Tuesday, September 22nd. This represents a dividend yield of 126.0%. Logitech International’s payout ratio is presently 10.88%.

Analyst Ratings Changes

Several analysts have commented on LOGI shares. Morgan Stanley lowered their price target on Logitech International from $89.00 to $88.00 and set an “underweight” rating for the company in a report on Wednesday, July 8th. Wall Street Zen cut shares of Logitech International from a “buy” rating to a “hold” rating in a research report on Sunday, April 26th. Wedbush reaffirmed an “outperform” rating and set a $135.00 price target on shares of Logitech International in a research report on Wednesday, July 22nd. Bank of America downgraded shares of Logitech International from a “neutral” rating to an “underperform” rating and set a $86.00 price target on the stock. in a research note on Tuesday, June 30th. Finally, Weiss Ratings raised shares of Logitech International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, May 22nd. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $109.57.

Check Out Our Latest Research Report on LOGI

Institutional Investors Weigh In On Logitech International

Institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of Logitech International in the 3rd quarter valued at $30,000. CIBC Private Wealth Group LLC boosted its position in Logitech International by 61.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 455 shares of the technology company’s stock worth $46,000 after purchasing an additional 173 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Logitech International by 40.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 576 shares of the technology company’s stock valued at $52,000 after purchasing an additional 165 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Logitech International in the fourth quarter valued at about $91,000. Finally, New Vernon Capital Holdings II LLC purchased a new position in Logitech International in the third quarter valued at about $138,000. 45.76% of the stock is currently owned by hedge funds and other institutional investors.

About Logitech International

(Get Free Report)

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company’s product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.

See Also

Earnings History for Logitech International (NASDAQ:LOGI)

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