Plexus (NASDAQ:PLXS) Hits New 1-Year High After Earnings Beat

Plexus Corp. (NASDAQ:PLXS - Get Free Report) shares hit a new 52-week high 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. The stock had previously closed at $135.57.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. KeyCorp assumed coverage on Plexus in a research note on Tuesday. They set a "sector weight" rating for the company. Needham & Company LLC lifted their price objective on Plexus from $114.00 to $144.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Finally, Benchmark reissued a "buy" rating and issued a $150.00 target price on shares of Plexus in a research note on Monday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $125.25.

Insider Buying and Selling at Plexus

In other Plexus news, CEO Todd P. Kelsey sold 3,000 shares of the business's stock in a transaction dated Wednesday, July 31st. The stock was 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 of the company's stock, valued at approximately $12,028,768.80. The trade was a 0.00 % decrease in their ownership of the stock. 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 dated Wednesday, July 31st. The stock was sold at an average price of $128.40, for a total transaction of $385,200.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Marie Rapp sold 500 shares of the company's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $128.02, for a total value of $64,010.00. Following the transaction, the director now directly owns 9,586 shares of the company's stock, valued at $1,227,199.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,113 shares of company stock valued at $2,541,394. Company insiders own 2.39% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. UniSuper Management Pty Ltd acquired a new position in shares of Plexus during the first quarter worth about $515,000. Quantbot Technologies LP bought a new stake in Plexus during the first quarter worth about $533,000. Vanguard Group Inc. raised its holdings in Plexus by 2.2% during the first quarter. Vanguard Group Inc. now owns 3,515,866 shares of the technology company's stock worth $333,374,000 after acquiring an additional 74,988 shares in the last quarter. Comerica Bank raised its holdings in Plexus by 22.5% during the first quarter. Comerica Bank now owns 81,817 shares of the technology company's stock worth $7,758,000 after acquiring an additional 15,046 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in Plexus by 269.9% during the second quarter. Harbor Capital Advisors Inc. now owns 7,268 shares of the technology company's stock worth $750,000 after acquiring an additional 5,303 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

Plexus Stock Up 6.9 %

The firm has a market cap of $3.95 billion, a P/E ratio of 36.50 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. The firm has a fifty day moving average of $130.48 and a 200-day moving average of $115.82.

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.