Allianz Asset Management GmbH Sells 570 Shares of Plexus Corp. (NASDAQ:PLXS)

Allianz Asset Management GmbH lessened its position in Plexus Corp. (NASDAQ:PLXS) by 17.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,672 shares of the technology company’s stock after selling 570 shares during the quarter. Allianz Asset Management GmbH’s holdings in Plexus were worth $342,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Plexus by 49.6% in the first quarter. GAMMA Investing LLC now owns 1,333 shares of the technology company’s stock valued at $171,000 after acquiring an additional 442 shares during the last quarter. SG Americas Securities LLC bought a new position in Plexus in the first quarter valued at $917,000. Ritholtz Wealth Management bought a new position in Plexus in the first quarter valued at $285,000. LPL Financial LLC increased its stake in Plexus by 170.5% in the fourth quarter. LPL Financial LLC now owns 8,508 shares of the technology company’s stock valued at $1,331,000 after acquiring an additional 5,363 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in Plexus during the fourth quarter valued at about $928,000. Institutional investors own 94.45% of the company’s stock.

Plexus Stock Performance

Plexus stock opened at $125.16 on Monday. The company has a current ratio of 1.58, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average of $132.81 and a 200-day moving average of $132.05. The firm has a market cap of $3.39 billion, a P/E ratio of 21.32 and a beta of 0.80. Plexus Corp. has a 1-year low of $103.43 and a 1-year high of $172.89.

Plexus (NASDAQ:PLXS) last posted its earnings results on Wednesday, July 23rd. The technology company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.19. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. Plexus had a net margin of 4.04% and a return on equity of 12.33%. Plexus’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 earnings per share. Sell-side analysts expect that Plexus Corp. will post 5.9 EPS for the current year.

Insider Activity at Plexus

In other news, CFO Patrick John Jermain sold 4,328 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $132.29, for a total transaction of $572,551.12. Following the completion of the sale, the chief financial officer directly owned 25,637 shares in the company, valued at approximately $3,391,518.73. This represents a 14.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Running sold 646 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $130.05, for a total transaction of $84,012.30. Following the sale, the insider owned 630 shares of the company’s stock, valued at approximately $81,931.50. This represents a 50.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,032 shares of company stock valued at $1,582,222 in the last quarter. 1.76% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on PLXS shares. Stifel Nicolaus set a $140.00 price target on shares of Plexus in a research report on Thursday, July 24th. Needham & Company LLC cut their price target on shares of Plexus from $162.00 to $158.00 and set a “buy” rating for the company in a research report on Thursday, July 24th. Sidoti upgraded shares of Plexus from a “neutral” rating to a “buy” rating and upped their price target for the company from $135.00 to $150.00 in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Plexus from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 30th. Finally, Benchmark restated a “buy” rating and set a $160.00 price target on shares of Plexus in a research report on Wednesday, June 4th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.00.

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.