Published On: Fri, Sep 16th, 2016

Plexus Corp.’s (PLXS) “Buy” Rating Reiterated at Needham & Company LLC

Plexus Corp. (NASDAQ:PLXS)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday. They presently have a $52.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 12.65% from the stock’s current price.
Several other brokerages have also commented on PLXS. Citigroup Inc. increased their price objective on Plexus Corp. from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, June 9th. B. Riley lowered Plexus Corp. from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a report on Friday, July 22nd. Zacks Investment Research upgraded Plexus Corp. from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, July 22nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $46.00 price objective on shares of Plexus Corp. in a report on Friday, June 10th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $48.17.
Shares of Plexus Corp. (NASDAQ:PLXS) traded down 0.69% during mid-day trading on Friday, hitting $46.16. The company had a trading volume of 181,317 shares. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 19.47 and a beta of 1.23. Plexus Corp. has a 1-year low of $28.72 and a 1-year high of $47.26. The company has a 50-day moving average price of $46.17 and a 200-day moving average price of $42.77.

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Plexus Corp. (NASDAQ:PLXS) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Plexus Corp. had a return on equity of 9.95% and a net margin of 3.16%. The company had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $655.37 million. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Plexus Corp.’s revenue was down .3% compared to the same quarter last year. On average, equities analysts anticipate that Plexus Corp. will post $2.64 EPS for the current year.
In related news, Chairman Dean A. Foate sold 8,658 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $45.56, for a total value of $394,458.48. Following the completion of the transaction, the chairman now owns 188,258 shares in the company, valued at approximately $8,577,034.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yong Jin Lim sold 5,000 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $46.49, for a total value of $232,450.00. Following the completion of the transaction, the insider now owns 50,000 shares of the company’s stock, valued at approximately $2,324,500. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of PLXS. Norges Bank purchased a new position in shares of Plexus Corp. during the fourth quarter worth about $11,523,000. Virginia Retirement System bought a new position in Plexus Corp. during the first quarter worth $474,000. Los Angeles Capital Management & Equity Research Inc. raised its position in Plexus Corp. by 2.1% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 32,429 shares of the company’s stock worth $1,282,000 after buying an additional 675 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Plexus Corp. by 29.0% in the first quarter. TIAA CREF Investment Management LLC now owns 142,198 shares of the company’s stock worth $5,620,000 after buying an additional 31,985 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in Plexus Corp. by 9.3% in the first quarter. Prudential Financial Inc. now owns 85,241 shares of the company’s stock worth $3,368,000 after buying an additional 7,276 shares during the last quarter. Institutional investors own 93.78% of the company’s stock.
About Plexus Corp.
Plexus Corp. (Plexus) and its subsidiaries are engaged in the electronic manufacturing services (EMS) industry. Plexus 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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