Plexus (NASDAQ:PLXS) Reaches New 52-Week High After Strong Earnings

Plexus Corp. (NASDAQ:PLXS)’s share price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $153.60 and last traded at $148.25, with a volume of 31643 shares changing hands. The stock had previously closed at $135.57.

The technology company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.30. Plexus had a net margin of 2.82% and a return on equity of 9.64%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business posted $1.44 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PLXS shares. Needham & Company LLC lifted their price objective on shares of Plexus from $114.00 to $144.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Benchmark reissued a “buy” rating and set a $150.00 target price on shares of Plexus in a research report on Monday. Finally, KeyCorp started coverage on shares of Plexus in a research report on Tuesday. They set a “sector weight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $125.25.

Insider Activity

In other news, insider Steven J. Frisch sold 6,565 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $128.11, for a total value of $841,042.15. Following the sale, the insider now directly owns 36,118 shares of the company’s stock, valued at $4,627,076.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Todd P. Kelsey sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $128.40, for a total transaction of $385,200.00. Following the completion of the sale, the chief executive officer now owns 93,682 shares of the company’s stock, valued at $12,028,768.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven J. Frisch sold 6,565 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $128.11, for a total transaction of $841,042.15. Following the completion of the sale, the insider now directly owns 36,118 shares of the company’s stock, valued at $4,627,076.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,113 shares of company stock valued at $2,541,394 in the last ninety days. Insiders own 2.39% of the company’s stock.

Institutional Trading of Plexus

Hedge funds have recently made changes to their positions in the business. AlphaMark Advisors LLC acquired a new stake in Plexus in the first quarter valued at approximately $267,000. Principal Financial Group Inc. raised its holdings in Plexus by 0.3% during the first quarter. Principal Financial Group Inc. now owns 151,190 shares of the technology company’s stock worth $14,336,000 after purchasing an additional 387 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Plexus by 13.8% during the first quarter. BNP Paribas Financial Markets now owns 25,424 shares of the technology company’s stock worth $2,411,000 after purchasing an additional 3,087 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in Plexus in the 1st quarter valued at $216,000. Finally, Farrow Financial Inc. grew its position in Plexus by 7.3% in the 1st quarter. Farrow Financial Inc. now owns 21,370 shares of the technology company’s stock valued at $2,026,000 after buying an additional 1,446 shares during the last quarter. Institutional investors and hedge funds own 94.45% of the company’s stock.

Plexus Trading Up 10.7 %

The business’s 50-day moving average is $130.05 and its two-hundred day moving average is $115.62. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.64 and a current ratio of 1.47. The stock has a market capitalization of $4.11 billion, a PE ratio of 40.94 and a beta of 0.89.

About Plexus

Plexus Corp. provides electronic manufacturing services in the United States and internationally. It offers design, develop, supply chain, new product introduction, and manufacturing solutions, as well as sustaining services to companies in the healthcare/life sciences, industrial/commercial, aerospace/defense, and communications market sectors.