Plexus Corp. (NASDAQ:PLXS) Sees Large Decrease in Short Interest


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Plexus Corp. (NASDAQ:PLXS) saw a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 644,200 shares, a drop of 16.9% from the March 31st total of 775,400 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average trading volume of 144,000 shares, the short-interest ratio is presently 4.5 days.

In other news, CAO Angelo Michael Ninivaggi, Jr. sold 2,076 shares of the business’s stock in a transaction that occurred on Wednesday, April 28th. The stock was sold at an average price of $93.23, for a total value of $193,545.48. Following the transaction, the chief accounting officer now directly owns 25,961 shares of the company’s stock, valued at approximately $2,420,344.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Ronnie Darroch sold 2,000 shares of the stock in a transaction that occurred on Thursday, February 18th. The stock was sold at an average price of $80.98, for a total value of $161,960.00. Following the sale, the vice president now owns 10,125 shares in the company, valued at $819,922.50. The disclosure for this sale can be found here. Insiders have sold a total of 23,702 shares of company stock valued at $2,055,093 over the last ninety days. 2.38% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. Chartwell Investment Partners LLC increased its stake in Plexus by 0.4% in the first quarter. Chartwell Investment Partners LLC now owns 247,915 shares of the technology company’s stock valued at $22,769,000 after purchasing an additional 1,047 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Plexus during the 1st quarter worth approximately $456,000. Smith Graham & Co. Investment Advisors LP acquired a new stake in Plexus during the 1st quarter worth approximately $5,055,000. Meritage Portfolio Management lifted its stake in Plexus by 21.8% in the first quarter. Meritage Portfolio Management now owns 57,001 shares of the technology company’s stock valued at $5,235,000 after buying an additional 10,209 shares in the last quarter. Finally, Strs Ohio raised its holdings in shares of Plexus by 1.4% during the first quarter. Strs Ohio now owns 14,600 shares of the technology company’s stock worth $1,340,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 94.15% of the company’s stock.

Shares of NASDAQ PLXS traded down $2.57 during mid-day trading on Tuesday, hitting $90.57. The company’s stock had a trading volume of 122,650 shares, compared to its average volume of 145,054. Plexus has a one year low of $54.31 and a one year high of $96.27. The company’s fifty day simple moving average is $91.91 and its 200-day simple moving average is $82.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.77 and a quick ratio of 1.01. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 23.10 and a beta of 1.18.

Plexus (NASDAQ:PLXS) last announced its quarterly earnings data on Tuesday, April 20th. The technology company reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.24. Plexus had a net margin of 3.47% and a return on equity of 13.10%. The business had revenue of $881.00 million for the quarter, compared to analyst estimates of $879.88 million. During the same period in the prior year, the business posted $0.61 earnings per share. Plexus’s revenue was up 14.9% compared to the same quarter last year. On average, sell-side analysts predict that Plexus will post 4.54 EPS for the current year.

PLXS has been the topic of several research analyst reports. Sidoti cut Plexus from a “buy” rating to a “neutral” rating and set a $94.00 target price on the stock. in a report on Wednesday, March 31st. Needham & Company LLC increased their price objective on shares of Plexus from $89.00 to $102.00 and gave the stock a “buy” rating in a report on Thursday, April 29th. Loop Capital boosted their target price on shares of Plexus from $91.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, April 26th. Finally, Zacks Investment Research raised shares of Plexus from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a report on Monday, April 26th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $92.00.

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 to companies in the healthcare/life sciences, industrial/commercial, aerospace/defense, and communications market sectors.

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