Plexus (NASDAQ:PLXS) Downgraded by BidaskClub to “Hold”

Plexus (NASDAQ:PLXS) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Wednesday, March 27th, BidAskClub reports.

Other analysts have also issued reports about the company. Zacks Investment Research lowered Plexus from a “hold” rating to a “sell” rating in a research report on Wednesday, March 13th. Sidoti initiated coverage on Plexus in a report on Wednesday, March 20th. They set a “buy” rating and a $78.00 price objective for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $69.33.

PLXS traded down $4.86 during midday trading on Wednesday, hitting $61.05. 377,433 shares of the company were exchanged, compared to its average volume of 158,387. The company has a market capitalization of $1.89 billion, a PE ratio of 18.90 and a beta of 0.77. Plexus has a 1-year low of $47.63 and a 1-year high of $66.98. 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 announced 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). Plexus had a net margin of 4.79% and a return on equity of 12.52%. The business had revenue of $789.10 million during the quarter, compared to analyst estimates of $779.03 million. During the same period in the prior year, the firm earned $0.74 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts predict that Plexus will post 3.71 EPS for the current fiscal year.

In other news, Chairman Dean A. Foate sold 60,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $63.00, for a total value of $3,780,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Dean A. Foate sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $63.00, for a total transaction of $630,000.00. Following the completion of the transaction, the chairman now directly owns 234,753 shares in the company, valued at approximately $14,789,439. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,454 shares of company stock worth $4,875,094. Company insiders own 3.90% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Federated Investors Inc. PA bought a new position in shares of Plexus in the third quarter worth $92,000. Amundi Pioneer Asset Management Inc. bought a new position in Plexus in the fourth quarter valued at $128,000. NumerixS Investment Technologies Inc bought a new position in Plexus in the fourth quarter valued at $161,000. Jefferies Group LLC bought a new position in Plexus in the third quarter valued at $216,000. Finally, Jane Street Group LLC bought a new position in Plexus in the fourth quarter valued at $275,000. 96.45% of the stock is currently owned by hedge funds and other institutional investors.

Plexus Company 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.

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