Comerica Bank Reduces Position in Plexus Corp. (NASDAQ:PLXS)

Comerica Bank trimmed its holdings in shares of Plexus Corp. (NASDAQ:PLXS – Get Rating) by 10.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,220 shares of the technology company’s stock after selling 2,437 shares during the quarter. Comerica Bank’s holdings in Plexus were worth $2,000,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Heron Financial Group LLC bought a new stake in Plexus in the third quarter valued at about $210,000. Wipfli Financial Advisors LLC bought a new stake in Plexus in the third quarter valued at about $74,000. Ronald Blue Trust Inc. increased its holdings in Plexus by 292.8% in the third quarter. Ronald Blue Trust Inc. now owns 436 shares of the technology company’s stock valued at $34,000 after buying an additional 325 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in Plexus in the third quarter valued at about $1,156,000. Finally, Security Financial Services INC. bought a new stake in Plexus in the third quarter valued at about $219,000. 96.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. StockNews.com began coverage on Plexus in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Raymond James lifted their target price on Plexus from $105.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, October 28th. Sidoti downgraded Plexus from a “buy” rating to a “neutral” rating and set a $116.00 target price for the company. in a research note on Tuesday. Needham & Company LLC lifted their target price on Plexus from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, October 28th. Finally, Benchmark lifted their target price on Plexus to $110.00 in a research note on Tuesday, November 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $107.60.

Insider Buying and Selling

In related news, CEO Todd P. Kelsey sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $100.00, for a total transaction of $300,000.00. Following the sale, the chief executive officer now owns 13,451 shares of the company’s stock, valued at $1,345,100. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Plexus news, CEO Todd P. Kelsey sold 3,000 shares of the company’s stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $100.00, for a total value of $300,000.00. Following the transaction, the chief executive officer now owns 13,451 shares of the company’s stock, valued at $1,345,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven J. Frisch sold 5,761 shares of the company’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $100.88, for a total value of $581,169.68. Following the completion of the transaction, the insider now directly owns 43,925 shares in the company, valued at approximately $4,431,154. The disclosure for this sale can be found here. Insiders have sold a total of 31,987 shares of company stock valued at $3,346,097 over the last quarter. Corporate insiders own 2.05% of the company’s stock.

Plexus Stock Performance

Shares of NASDAQ PLXS opened at $110.75 on Friday. Plexus Corp. has a 12-month low of $72.88 and a 12-month high of $114.96. The company has a market cap of $3.06 billion, a PE ratio of 22.69 and a beta of 1.12. The stock has a 50 day simple moving average of $107.03 and a 200-day simple moving average of $96.57. The company has a current ratio of 1.40, a quick ratio of 0.60 and a debt-to-equity ratio of 0.17.

Plexus (NASDAQ:PLXS – Get Rating) last announced its earnings results on Wednesday, October 26th. The technology company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.28 by $0.50. Plexus had a return on equity of 13.22% and a net margin of 3.63%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.01 billion. On average, equities research analysts forecast that Plexus Corp. will post 5.98 EPS for the current year.

Plexus Company Profile

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Plexus Corp., together with its subsidiaries, 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.