Norges Bank Makes New Investment in Plexus Corp. (NASDAQ:PLXS)

Norges Bank acquired a new stake in Plexus Corp. (NASDAQ:PLXS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 91,042 shares of the technology company's stock, valued at approximately $14,246,000. Norges Bank owned about 0.34% of Plexus as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Plexus by 146.9% during the 4th quarter. JPMorgan Chase & Co. now owns 258,824 shares of the technology company's stock valued at $40,501,000 after acquiring an additional 154,003 shares during the period. EntryPoint Capital LLC raised its position in shares of Plexus by 47.5% during the 4th quarter. EntryPoint Capital LLC now owns 4,739 shares of the technology company's stock valued at $742,000 after purchasing an additional 1,526 shares during the period. Prudential Financial Inc. lifted its position in shares of Plexus by 0.8% in the fourth quarter. Prudential Financial Inc. now owns 81,412 shares of the technology company's stock valued at $12,739,000 after acquiring an additional 667 shares in the last quarter. Bridge City Capital LLC lifted its holdings in Plexus by 0.9% in the 4th quarter. Bridge City Capital LLC now owns 26,699 shares of the technology company's stock worth $4,178,000 after purchasing an additional 238 shares in the last quarter. Finally, LPL Financial LLC boosted its position in shares of Plexus by 170.5% during the fourth quarter. LPL Financial LLC now owns 8,508 shares of the technology company's stock worth $1,331,000 after acquiring an additional 5,363 shares during the last quarter. Institutional investors own 94.45% of the company's stock.

Analyst Ratings Changes

PLXS has been the topic of several recent research reports. Needham & Company LLC upped their target price on shares of Plexus from $162.00 to $172.00 and gave the company a "buy" rating in a research report on Friday, January 24th. Stifel Nicolaus started coverage on shares of Plexus in a research note on Tuesday, February 4th. They set a "hold" rating and a $152.00 price target for the company. Finally, Benchmark reissued a "buy" rating and set a $165.00 target price on shares of Plexus in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Plexus currently has an average rating of "Moderate Buy" and an average target price of $163.00.

Insiders Place Their Bets

In related news, insider Frank Zycinski sold 1,200 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $140.84, for a total transaction of $169,008.00. Following the sale, the insider now owns 723 shares of the company's stock, valued at $101,827.32. This trade represents a 62.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd P. Kelsey sold 4,337 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $142.23, for a total transaction of $616,851.51. Following the completion of the transaction, the chief executive officer now directly owns 80,595 shares of the company's stock, valued at approximately $11,463,026.85. This represents a 5.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,958 shares of company stock valued at $2,551,930. 1.76% of the stock is owned by corporate insiders.

Plexus Price Performance

PLXS traded up $0.21 on Friday, reaching $119.39. 172,301 shares of the company's stock were exchanged, compared to its average volume of 163,505. Plexus Corp. has a twelve month low of $92.72 and a twelve month high of $172.89. The stock has a market cap of $3.23 billion, a PE ratio of 27.70 and a beta of 0.83. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.53 and a quick ratio of 0.70. The stock's fifty day moving average price is $129.13 and its 200-day moving average price is $145.03.

Plexus (NASDAQ:PLXS - Get Free Report) last posted its earnings results on Wednesday, January 22nd. The technology company reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.59 by ($0.10). Plexus had a net margin of 3.03% and a return on equity of 10.36%. Sell-side analysts expect that Plexus Corp. will post 5.9 EPS for the current year.

Plexus Profile

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.