Plexus (NASDAQ:PLXS) Hits New 52-Week High – Here’s Why

Plexus Corp. (NASDAQ:PLXS) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $170.09 and last traded at $169.68, with a volume of 8466 shares. The stock had previously closed at $167.36.

Wall Street Analysts Forecast Growth

PLXS has been the subject of a number of research reports. StockNews.com raised shares of Plexus from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Benchmark lifted their price target on shares of Plexus from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, October 28th. Needham & Company LLC upped their price target on Plexus from $144.00 to $162.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus raised their target price on shares of Plexus from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Tuesday, December 10th. Finally, KeyCorp started coverage on shares of Plexus in a research note on Tuesday, October 22nd. They issued a “sector weight” rating on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Plexus has an average rating of “Moderate Buy” and an average target price of $159.00.

Plexus Stock Performance

The company has a current ratio of 1.51, a quick ratio of 0.71 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $4.62 billion, a PE ratio of 42.60 and a beta of 0.91. The business’s 50 day moving average is $161.82 and its 200 day moving average is $140.56.

Plexus (NASDAQ:PLXS) last issued its quarterly earnings data on Wednesday, October 23rd. The technology company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.30. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.01 billion. Plexus had a net margin of 2.82% and a return on equity of 9.51%. Plexus’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.44 earnings per share. On average, equities research analysts predict that Plexus Corp. will post 6.13 earnings per share for the current fiscal year.

Insider Activity at Plexus

In related news, CFO Patrick John Jermain sold 5,045 shares of Plexus stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $143.13, for a total value of $722,090.85. Following the sale, the chief financial officer now directly owns 24,602 shares in the company, valued at $3,521,284.26. The trade was a 17.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Running sold 539 shares of Plexus stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $155.87, for a total value of $84,013.93. Following the transaction, the insider now directly owns 1,030 shares of the company’s stock, valued at approximately $160,546.10. This represents a 34.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,091 shares of company stock valued at $5,377,960. Corporate insiders own 1.76% of the company’s stock.

Institutional Trading of Plexus

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP lifted its position in shares of Plexus by 573.5% in the 3rd quarter. Quarry LP now owns 229 shares of the technology company’s stock worth $31,000 after buying an additional 195 shares during the last quarter. USA Financial Formulas acquired a new stake in Plexus during the fourth quarter valued at $56,000. Point72 DIFC Ltd bought a new stake in shares of Plexus during the 3rd quarter worth $51,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Plexus during the 3rd quarter valued at $55,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Plexus by 89.4% in the third quarter. Farther Finance Advisors LLC now owns 464 shares of the technology company’s stock valued at $63,000 after purchasing an additional 219 shares in the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.

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.