QRG Capital Management Inc. Reduces Holdings in Logitech International S.A. (NASDAQ:LOGI)

QRG Capital Management Inc. lowered its stake in Logitech International S.A. (NASDAQ:LOGI - Free Report) by 19.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,681 shares of the technology company's stock after selling 7,531 shares during the period. QRG Capital Management Inc.'s holdings in Logitech International were worth $2,590,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC raised its stake in shares of Logitech International by 8.2% in the fourth quarter. Barclays PLC now owns 5,445,157 shares of the technology company's stock worth $448,409,000 after purchasing an additional 414,236 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Logitech International by 2.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,148,266 shares of the technology company's stock worth $341,610,000 after buying an additional 85,278 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Logitech International by 6.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,598,068 shares of the technology company's stock valued at $215,127,000 after purchasing an additional 146,338 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in Logitech International by 13.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,273,518 shares of the technology company's stock valued at $188,254,000 after buying an additional 266,167 shares in the last quarter. Finally, Norges Bank purchased a new stake in Logitech International in the 4th quarter valued at $156,888,000. Hedge funds and other institutional investors own 45.76% of the company's stock.

Analysts Set New Price Targets

LOGI has been the subject of several analyst reports. Citigroup lowered their price objective on Logitech International from $105.00 to $75.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wedbush restated an "outperform" rating and set a $100.00 price target on shares of Logitech International in a research report on Wednesday, May 21st. JPMorgan Chase & Co. lowered their price target on Logitech International from $96.00 to $80.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Bank of America upgraded Logitech International from an "underperform" rating to a "neutral" rating and lowered their target price for the company from $90.00 to $73.00 in a report on Friday, April 4th. Finally, Wall Street Zen cut Logitech International from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Logitech International presently has an average rating of "Hold" and an average target price of $84.29.

Logitech International Stock Performance

Logitech International stock traded down $0.85 during trading hours on Friday, reaching $83.66. 629,132 shares of the stock were exchanged, compared to its average volume of 635,797. The stock has a market cap of $13.23 billion, a P/E ratio of 20.16, a P/E/G ratio of 17.39 and a beta of 0.96. Logitech International S.A. has a 52-week low of $64.73 and a 52-week high of $105.65. The firm's 50 day moving average is $81.55 and its 200 day moving average is $86.60.

Logitech International (NASDAQ:LOGI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.07. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.03 billion. Logitech International had a net margin of 13.86% and a return on equity of 30.40%. The firm's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 earnings per share. Equities research analysts expect that Logitech International S.A. will post 4.21 EPS for the current fiscal year.

Logitech International declared that its board has authorized a stock repurchase plan on Wednesday, March 5th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the technology company to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Logitech International Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Tuesday, September 23rd will be paid a dividend of $1.543 per share. This represents a dividend yield of 1.4%. This is an increase from Logitech International's previous annual dividend of $1.37. The ex-dividend date of this dividend is Tuesday, September 23rd.

About Logitech International

Logitech International SA, through its subsidiaries, designs, manufactures, and markets software-enabled hardware solutions that connect people to working, creating, gaming, and streaming worldwide. The company offers products for gamers and streamers, including mice, racing wheels, headsets, keyboards, microphones, and streaming services; corded and cordless keyboards and keyboard-and-mouse combinations; pointing devices, such as wireless mice and wireless mouse products; conference room cameras, such as ConferenceCams; controllers for video conferencing room solutions; PC-based webcams, including streaming cameras and VC webcams; tablet accessories that includes keyboards for tablets; PC and VC headsets, in-ear headphones, and premium wireless earbuds; and mobile speakers and PC speakers, as well as portable wireless Bluetooth speakers.