Logitech International S.A. $LOGI Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Logitech stake by 16.5% in the first quarter, acquiring 129,967 additional shares and bringing its holdings to 915,733 shares worth approximately $83.4 million.
• Institutional ownership remains significant, with hedge funds and other institutional investors holding 45.76% of Logitech; Amundi and Royal Bank of Canada also substantially increased their positions.
• Logitech exceeded quarterly expectations, reporting $1.85 in EPS versus $1.26 forecast and $1.23 billion in revenue, up 7% year over year. Analysts’ consensus rating is Hold, with an average price target of $107.86.

Bank of America Corp DE lifted its stake in shares of Logitech International S.A. (NASDAQ:LOGI - Free Report) by 16.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 915,733 shares of the technology company's stock after purchasing an additional 129,967 shares during the period. Bank of America Corp DE owned approximately 0.62% of Logitech International worth $83,442,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Amundi increased its stake in Logitech International by 51.2% in the 1st quarter. Amundi now owns 1,665,096 shares of the technology company's stock worth $151,724,000 after purchasing an additional 563,564 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Logitech International by 14.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,485 shares of the technology company's stock valued at $226,000 after buying an additional 320 shares in the last quarter. Royal Bank of Canada lifted its stake in Logitech International by 75.5% during the first quarter. Royal Bank of Canada now owns 396,339 shares of the technology company's stock valued at $36,115,000 after buying an additional 170,485 shares in the last quarter. Maverick Capital Ltd. acquired a new position in shares of Logitech International in the first quarter worth about $593,000. Finally, Quantinno Capital Management LP boosted its holdings in shares of Logitech International by 7.9% in the first quarter. Quantinno Capital Management LP now owns 103,549 shares of the technology company's stock worth $9,435,000 after buying an additional 7,545 shares during the period. 45.76% of the stock is owned by hedge funds and other institutional investors.

Logitech International Price Performance

Shares of LOGI opened at $106.33 on Friday. The company has a market capitalization of $15.59 billion, a price-to-earnings ratio of 19.51, a P/E/G ratio of 3.88 and a beta of 1.17. Logitech International S.A. has a fifty-two week low of $83.32 and a fifty-two week high of $129.66. The business's 50-day moving average is $105.28 and its 200-day moving average is $98.86.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The technology company reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.59. Logitech International had a net margin of 16.28% and a return on equity of 37.30%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the firm earned $1.26 earnings per share. The firm's revenue was up 7.0% compared to the same quarter last year. Equities research analysts expect that Logitech International S.A. will post 5.24 earnings per share for the current fiscal year.

Logitech International Cuts Dividend

The business also recently announced an annual dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Tuesday, September 22nd will be given a $1.36 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a yield of 126.0%.

Wall Street Analyst Weigh In

LOGI has been the topic of several analyst reports. Bank of America downgraded shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 target price on the stock. in a research report on Tuesday, June 30th. Citigroup raised their price objective on shares of Logitech International from $115.00 to $124.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. lowered their price objective on shares of Logitech International from $123.00 to $120.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. Barclays cut their target price on shares of Logitech International from $105.00 to $101.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Finally, Wedbush reduced their target price on Logitech International from $135.00 to $130.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $107.86.

Logitech International Profile

Logitech International SA is a Swiss-headquartered company that designs, manufactures and markets a wide range of computer peripherals and accessories for consumers, gamers and business customers. Founded in 1981, the company develops hardware and complementary software that enable people to interact with digital devices across work, home and entertainment settings. Logitech maintains corporate offices in Switzerland and significant operations in the United States and other regions worldwide.

The company's product portfolio includes mice, keyboards, webcams, headsets, microphones, speakers, remote controls and other input/output devices, along with specialized lines for gaming, streaming and video collaboration.

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