Corebridge Financial Inc. Reduces Stake in Plexus Corp. (NASDAQ:PLXS)

Corebridge Financial Inc. lessened its stake in shares of Plexus Corp. (NASDAQ:PLXS) by 8.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,290 shares of the technology company’s stock after selling 1,320 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Plexus worth $2,236,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. bought a new stake in Plexus during the 4th quarter worth approximately $107,489,000. American Century Companies Inc. increased its holdings in shares of Plexus by 72.2% in the fourth quarter. American Century Companies Inc. now owns 544,017 shares of the technology company’s stock worth $85,128,000 after purchasing an additional 228,027 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Plexus in the fourth quarter worth $15,892,000. Disciplined Growth Investors Inc. MN boosted its stake in Plexus by 2.8% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,168,512 shares of the technology company’s stock valued at $296,457,000 after buying an additional 59,465 shares during the period. Finally, Barclays PLC grew its position in Plexus by 139.4% during the third quarter. Barclays PLC now owns 48,786 shares of the technology company’s stock worth $6,669,000 after buying an additional 28,406 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Plexus Stock Down 0.6 %

Shares of PLXS opened at $127.42 on Wednesday. Plexus Corp. has a 1 year low of $92.72 and a 1 year high of $172.89. 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 stock has a 50 day simple moving average of $134.96 and a two-hundred day simple moving average of $146.08. The firm has a market cap of $3.45 billion, a P/E ratio of 29.56 and a beta of 0.90.

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

Analysts Set New Price Targets

Several analysts have weighed in on PLXS shares. Needham & Company LLC raised their price target on Plexus from $162.00 to $172.00 and gave the company a “buy” rating in a report on Friday, January 24th. Benchmark reaffirmed a “buy” rating and issued a $165.00 target price on shares of Plexus in a research note on Wednesday, January 22nd. Finally, Stifel Nicolaus assumed coverage on shares of Plexus in a research note on Tuesday, February 4th. They issued a “hold” rating and a $152.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Plexus has an average rating of “Moderate Buy” and an average price target of $163.00.

Insider Transactions at Plexus

In related news, CEO Todd P. Kelsey sold 1,500 shares of Plexus stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $156.39, for a total value of $234,585.00. Following the transaction, the chief executive officer now directly owns 74,271 shares of the company’s stock, valued at $11,615,241.69. The trade was a 1.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Frank Zycinski sold 1,200 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $140.84, for a total transaction of $169,008.00. Following the sale, the insider now directly owns 723 shares of the company’s stock, valued at $101,827.32. The trade was a 62.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,458 shares of company stock worth $2,786,515. Company insiders own 1.76% of the company’s stock.

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.