CIBC Asset Management Inc Cuts Stake in Plexus Corp. (NASDAQ:PLXS)

CIBC Asset Management Inc reduced its holdings in shares of Plexus Corp. (NASDAQ:PLXS) by 19.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,497 shares of the technology company’s stock after selling 356 shares during the period. CIBC Asset Management Inc’s holdings in Plexus were worth $234,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in Plexus by 12.1% during the 4th quarter. Blue Trust Inc. now owns 776 shares of the technology company’s stock worth $121,000 after buying an additional 84 shares during the period. Glenmede Trust Co. NA increased its stake in Plexus by 4.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 2,453 shares of the technology company’s stock worth $335,000 after buying an additional 104 shares during the period. GAMMA Investing LLC grew its position in shares of Plexus by 17.2% during the fourth quarter. GAMMA Investing LLC now owns 891 shares of the technology company’s stock worth $139,000 after buying an additional 131 shares in the last quarter. Quarry LP grew its position in shares of Plexus by 573.5% during the third quarter. Quarry LP now owns 229 shares of the technology company’s stock worth $31,000 after buying an additional 195 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Plexus by 89.4% during the third quarter. Farther Finance Advisors LLC now owns 464 shares of the technology company’s stock worth $63,000 after buying an additional 219 shares in the last quarter. 94.45% of the stock is owned by hedge funds and other institutional investors.

Plexus Stock Down 1.4 %

Shares of NASDAQ PLXS opened at $134.31 on Wednesday. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 31.16 and a beta of 0.89. 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 business has a 50-day moving average of $151.94 and a two-hundred day moving average of $145.48. Plexus Corp. has a 1 year low of $90.18 and a 1 year high of $172.89.

Plexus (NASDAQ:PLXS) last announced its quarterly earnings results on Wednesday, January 22nd. The technology company reported $1.49 EPS for the quarter, missing the consensus estimate of $1.59 by ($0.10). Plexus had a return on equity of 10.36% and a net margin of 3.03%. On average, analysts forecast that Plexus Corp. will post 5.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PLXS. Stifel Nicolaus began coverage on Plexus in a research report on Tuesday, February 4th. They set a “hold” rating and a $152.00 price objective for the company. StockNews.com raised Plexus from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Benchmark reissued a “buy” rating and set a $165.00 price objective on shares of Plexus in a research report on Wednesday, January 22nd. Finally, Needham & Company LLC lifted their price target on Plexus from $162.00 to $172.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $163.00.

Insider Buying and Selling

In other news, CAO Angelo Michael Ninivaggi, Jr. sold 3,423 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $145.14, for a total transaction of $496,814.22. Following the transaction, the chief accounting officer now directly owns 29,501 shares in the company, valued at approximately $4,281,775.14. This trade represents a 10.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd P. Kelsey sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $136.96, for a total transaction of $205,440.00. Following the transaction, the chief executive officer now owns 86,932 shares in the company, valued at approximately $11,906,206.72. This trade represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,458 shares of company stock worth $2,786,515 in the last ninety days. 1.76% of the stock is owned by corporate insiders.

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.