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

Plexus Corp. (NASDAQ:PLXS) shares reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $153.60 and last traded at $148.25, with a volume of 31643 shares trading hands. The stock had previously closed at $135.57.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PLXS shares. KeyCorp began coverage on Plexus in a report on Tuesday. They issued a “sector weight” rating for the company. Benchmark reaffirmed a “buy” rating and set a $150.00 price target on shares of Plexus in a research report on Monday, October 21st. Finally, Needham & Company LLC lifted their price objective on shares of Plexus from $144.00 to $162.00 and gave the company a “buy” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $129.75.

Insider Buying and Selling

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

Institutional Investors Weigh In On Plexus

A number of institutional investors have recently modified their holdings of PLXS. AlphaMark Advisors LLC bought a new stake in Plexus in the 1st quarter valued at about $267,000. Principal Financial Group Inc. grew its position 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 buying an additional 387 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Plexus by 13.8% in the 1st quarter. BNP Paribas Financial Markets now owns 25,424 shares of the technology company’s stock valued at $2,411,000 after acquiring an additional 3,087 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Plexus during the 1st quarter worth $216,000. Finally, Farrow Financial Inc. raised its stake in Plexus by 7.3% in the first quarter. Farrow Financial Inc. now owns 21,370 shares of the technology company’s stock valued at $2,026,000 after purchasing an additional 1,446 shares in the last quarter. Institutional investors own 94.45% of the company’s stock.

Plexus Price Performance

The business’s 50 day simple moving average is $130.82 and its 200-day simple moving average is $116.13. The stock has a market capitalization of $3.84 billion, a price-to-earnings ratio of 35.56 and a beta of 0.89. The company has a quick ratio of 0.64, a current ratio of 1.47 and a debt-to-equity ratio of 0.07.

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.