Renaissance Technologies LLC Boosts Stock Holdings in Logitech International S.A. $LOGI

Key Points

• Renaissance Technologies increased its Logitech International stake by 26.6% in Q1, adding 435,000 shares and bringing its holding to 2,072,508 shares worth about $188.8 million.
• Logitech recently reported better-than-expected quarterly results, posting EPS of $1.13 versus $1.10 expected and revenue of $1.09 billion, up 7.4% year over year.
• Analyst sentiment is mixed: the stock has an overall “Hold” rating with an average target price of $109.57, while recent calls ranged from buy upgrades to underperform ratings and Logitech also announced a $1.36 annual dividend.

Renaissance Technologies LLC raised its position in shares of Logitech International S.A. (NASDAQ:LOGI - Free Report) by 26.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,072,508 shares of the technology company's stock after acquiring an additional 435,000 shares during the quarter. Renaissance Technologies LLC owned approximately 1.41% of Logitech International worth $188,847,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its position in shares of Logitech International by 305.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,084,820 shares of the technology company's stock worth $227,859,000 after purchasing an additional 1,570,876 shares in the last quarter. Morgan Stanley lifted its holdings in Logitech International by 152.5% in the 4th quarter. Morgan Stanley now owns 2,190,070 shares of the technology company's stock valued at $219,489,000 after purchasing an additional 1,322,582 shares in the last quarter. Credit Agricole S A purchased a new position in Logitech International in the 3rd quarter valued at $104,402,000. Norges Bank acquired a new stake in Logitech International during the 4th quarter worth $89,248,000. Finally, Marshall Wace LLP grew its holdings in shares of Logitech International by 131.2% during the fourth quarter. Marshall Wace LLP now owns 1,273,720 shares of the technology company's stock worth $129,125,000 after buying an additional 722,887 shares in the last quarter. Hedge funds and other institutional investors own 45.76% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on LOGI shares. Barclays increased their target price on shares of Logitech International from $98.00 to $105.00 and gave the company an "equal weight" rating in a research report on Thursday, May 7th. Wedbush reiterated an "outperform" rating and issued a $135.00 price objective on shares of Logitech International in a report on Wednesday. Bank of America lowered 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 note on Tuesday, June 30th. Citigroup boosted their target price on Logitech International from $115.00 to $124.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Morgan Stanley dropped their price target on Logitech International from $89.00 to $88.00 and set an "underweight" rating for the company in a research report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $109.57.

Logitech International Trading Up 2.8%

Shares of LOGI stock opened at $105.78 on Friday. Logitech International S.A. has a twelve month low of $83.32 and a twelve month high of $129.66. The company's 50-day moving average price is $106.15 and its 200-day moving average price is $98.27. The stock has a market cap of $15.51 billion, a price-to-earnings ratio of 22.04, a PEG ratio of 4.31 and a beta of 1.17.

Logitech International (NASDAQ:LOGI - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.03. Logitech International had a net margin of 14.69% and a return on equity of 34.09%. The firm had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same period last year, the business earned $0.93 earnings per share. Logitech International's revenue was up 7.4% compared to the same quarter last year. As a group, equities research analysts predict that Logitech International S.A. will post 5.21 EPS for the current year.

Logitech International Cuts Dividend

The company also recently declared an annual dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Tuesday, September 22nd will be issued a dividend of $1.36 per share. The ex-dividend date is Tuesday, September 22nd. This represents a dividend yield of 126.0%. Logitech International's dividend payout ratio (DPR) is currently 10.88%.

About Logitech International

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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