Bank of America Corp DE Invests $60.28 Million in Plexus Corp. $PLXS

Key Points

• Bank of America acquired 200,488 Plexus shares worth approximately $60.3 million, giving it a 0.75% stake. Institutional investors collectively own 94.45% of the company.
• Plexus reported quarterly EPS of $2.32, exceeding estimates of $2.13, while revenue rose 28.2% year over year to $1.30 billion. Shares opened at $246.73, with a market capitalization of roughly $6.6 billion.
• Analyst sentiment remains favorable, with a consensus “Buy” rating and an average price target of $273.00, although insiders sold 7,500 shares worth about $2.0 million over the past 90 days.

Bank of America Corp DE bought a new position in Plexus Corp. (NASDAQ:PLXS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 200,488 shares of the technology company's stock, valued at approximately $60,281,000. Bank of America Corp DE owned about 0.75% of Plexus as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Plexus during the second quarter valued at $32,000. Covestor Ltd increased its position in Plexus by 207.7% in the fourth quarter. Covestor Ltd now owns 240 shares of the technology company's stock worth $35,000 after buying an additional 162 shares in the last quarter. Kilter Group LLC bought a new position in shares of Plexus in the second quarter worth about $40,000. Allworth Financial LP raised its stake in shares of Plexus by 20.8% in the fourth quarter. Allworth Financial LP now owns 302 shares of the technology company's stock worth $44,000 after buying an additional 52 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Plexus during the 2nd quarter valued at about $71,000. Hedge funds and other institutional investors own 94.45% of the company's stock.

Plexus Stock Performance

Shares of PLXS opened at $246.73 on Monday. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of 36.39 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.49 and a quick ratio of 0.72. Plexus Corp. has a 1-year low of $132.03 and a 1-year high of $307.06. The company has a 50-day moving average of $252.38 and a 200 day moving average of $248.95.

Plexus (NASDAQ:PLXS - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The technology company reported $2.32 EPS for the quarter, topping the consensus estimate of $2.13 by $0.19. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.23 billion. Plexus had a return on equity of 12.46% and a net margin of 4.03%.Plexus's quarterly revenue was up 28.2% on a year-over-year basis. During the same period last year, the business posted $1.64 EPS. Plexus has set its Q4 2026 guidance at 2.470-2.630 EPS. On average, research analysts expect that Plexus Corp. will post 7.11 EPS for the current year.

Insider Buying and Selling

In other news, Director Karen Rapp sold 500 shares of the company's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $240.87, for a total value of $120,435.00. Following the sale, the director directly owned 7,535 shares of the company's stock, valued at $1,814,955.45. This represents a 6.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael V. Schrock sold 4,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $275.00, for a total transaction of $1,100,000.00. Following the completion of the sale, the director directly owned 40,329 shares in the company, valued at approximately $11,090,475. The trade was a 9.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,500 shares of company stock worth $1,960,520 in the last ninety days. 1.78% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PLXS shares. Weiss Ratings downgraded shares of Plexus from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, September 9th. Zacks Research upgraded Plexus from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Needham & Company LLC reiterated a "buy" rating and issued a $310.00 price target on shares of Plexus in a research note on Friday, August 14th. Sidoti raised Plexus from a "neutral" rating to a "buy" rating and set a $308.00 price target on the stock in a report on Friday, July 31st. Finally, Stifel Nicolaus boosted their price objective on Plexus from $280.00 to $330.00 and gave the company a "buy" rating in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $273.00.

Plexus Company Profile

Plexus Corp. is a global electronics manufacturing services company that designs, manufactures and services products for original equipment manufacturers. The company supports customers across the product life cycle, from product development and engineering to supply chain management, assembly, testing, fulfillment and aftermarket services.

Plexus provides solutions for industries including healthcare and life sciences, industrial and commercial, aerospace and defense, and communications.

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