PNC Financial Services Group Inc. Lowers Stock Holdings in Plexus Corp. (NASDAQ:PLXS)

PNC Financial Services Group Inc. lessened its stake in shares of Plexus Corp. (NASDAQ:PLXS) by 14.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,067 shares of the technology company’s stock after selling 350 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Plexus were worth $224,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Trexquant Investment LP acquired a new position in Plexus during the 4th quarter worth approximately $915,000. Westfield Capital Management Co. LP boosted its stake in shares of Plexus by 108.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 298,262 shares of the technology company’s stock valued at $32,251,000 after buying an additional 155,447 shares in the last quarter. Norges Bank acquired a new position in Plexus during the fourth quarter worth $19,533,000. Fiduciary Management Inc. WI raised its position in Plexus by 3.8% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,226,917 shares of the technology company’s stock worth $132,667,000 after acquiring an additional 44,398 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in Plexus by 93.7% in the third quarter. Qube Research & Technologies Ltd now owns 22,691 shares of the technology company’s stock valued at $2,110,000 after acquiring an additional 10,975 shares during the period. 94.45% of the stock is owned by institutional investors and hedge funds.

Plexus Price Performance

Plexus stock opened at $103.97 on Wednesday. The firm has a market capitalization of $2.85 billion, a PE ratio of 28.72 and a beta of 0.90. Plexus Corp. has a 52 week low of $87.21 and a 52 week high of $114.27. The firm’s 50-day simple moving average is $105.70 and its 200 day simple moving average is $100.52. The company has a quick ratio of 0.64, a current ratio of 1.51 and a debt-to-equity ratio of 0.15.

Plexus (NASDAQ:PLXS) last announced its earnings results on Wednesday, April 24th. The technology company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07. The company had revenue of $966.90 million during the quarter, compared to analysts’ expectations of $950.75 million. Plexus had a net margin of 2.54% and a return on equity of 10.77%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.45 earnings per share. On average, equities research analysts predict that Plexus Corp. will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PLXS has been the topic of a number of recent analyst reports. Benchmark upped their price target on shares of Plexus from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Stifel Nicolaus increased their target price on shares of Plexus from $90.00 to $95.00 and gave the company a “hold” rating in a report on Friday, April 26th. Finally, Needham & Company LLC lifted their price target on shares of Plexus from $107.00 to $114.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Three equities research 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 has a consensus rating of “Hold” and a consensus price target of $110.25.

Insider Activity at Plexus

In other Plexus news, CEO Todd P. Kelsey sold 1,000 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $109.50, for a total transaction of $109,500.00. Following the completion of the transaction, the chief executive officer now owns 102,338 shares of the company’s stock, valued at $11,206,011. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Todd P. Kelsey sold 1,000 shares of the stock in a transaction on Friday, May 31st. The stock was sold at an average price of $109.50, for a total transaction of $109,500.00. Following the sale, the chief executive officer now owns 102,338 shares of the company’s stock, valued at $11,206,011. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Patrick John Jermain sold 4,999 shares of Plexus stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $110.00, for a total value of $549,890.00. Following the sale, the chief financial officer now owns 34,183 shares of the company’s stock, valued at approximately $3,760,130. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,730 shares of company stock valued at $3,559,444. 2.39% of the stock is owned by corporate insiders.

Plexus Company 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.