Bank of New York Mellon Corp Cuts Holdings in Plexus Corp. (NASDAQ:PLXS)

Bank of New York Mellon Corp lowered its stake in shares of Plexus Corp. (NASDAQ:PLXS) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 424,187 shares of the technology company’s stock after selling 20,666 shares during the period. Bank of New York Mellon Corp owned 1.37% of Plexus worth $21,668,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Legal & General Group Plc boosted its holdings in Plexus by 5.4% in the 3rd quarter. Legal & General Group Plc now owns 89,301 shares of the technology company’s stock valued at $5,227,000 after purchasing an additional 4,587 shares during the period. Federated Investors Inc. PA purchased a new stake in shares of Plexus during the 3rd quarter valued at $92,000. MetLife Investment Advisors LLC raised its position in shares of Plexus by 37.2% during the 3rd quarter. MetLife Investment Advisors LLC now owns 21,158 shares of the technology company’s stock valued at $1,238,000 after buying an additional 5,736 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Plexus by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 553,267 shares of the technology company’s stock valued at $32,371,000 after buying an additional 20,911 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its position in shares of Plexus by 2.3% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,971,726 shares of the technology company’s stock valued at $173,876,000 after buying an additional 67,180 shares in the last quarter. Institutional investors own 96.45% of the company’s stock.

In related news, Director Stephen P. Cortinovis sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 22nd. The shares were sold at an average price of $54.03, for a total transaction of $270,150.00. Following the sale, the director now owns 32,128 shares of the company’s stock, valued at $1,735,875.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Dean A. Foate sold 60,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $63.00, for a total transaction of $3,780,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 78,454 shares of company stock worth $4,875,094 in the last ninety days. Insiders own 3.90% of the company’s stock.

Shares of PLXS stock traded down $4.86 during mid-day trading on Friday, reaching $61.05. The stock had a trading volume of 377,433 shares, compared to its average volume of 158,387. Plexus Corp. has a 52-week low of $47.63 and a 52-week high of $66.98. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 18.90 and a beta of 0.77. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 0.21.

Plexus (NASDAQ:PLXS) last released its quarterly earnings data on Wednesday, April 17th. The technology company reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.05). The firm had revenue of $789.10 million during the quarter, compared to analysts’ expectations of $779.03 million. Plexus had a net margin of 4.79% and a return on equity of 12.52%. Plexus’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 EPS. Equities analysts predict that Plexus Corp. will post 3.71 EPS for the current year.

Several analysts have recently weighed in on PLXS shares. Zacks Investment Research upgraded shares of Plexus from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. BidaskClub cut shares of Plexus from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. Finally, Sidoti assumed coverage on shares of Plexus in a research report on Wednesday, March 20th. They set a “buy” rating and a $78.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $69.33.

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Plexus Profile

Plexus Corp., together with its subsidiaries, provides electronic manufacturing services in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It offers design and development, supply chain, new product introduction, and manufacturing solutions, as well as aftermarket services. The company provides its solutions to companies in the healthcare and life sciences, industrial and commercial, communications, and aerospace and defense sectors.

See Also: Fundamental Analysis

Institutional Ownership by Quarter for Plexus (NASDAQ:PLXS)

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