Logitech International (NASDAQ:LOGI) Announces Quarterly Earnings Results, Beats Estimates By $0.55 EPS

Key Points

• Logitech beat quarterly expectations: The company reported $1.85 in earnings per share, $0.55 above consensus, while revenue reached $1.23 billion versus the $1.20 billion estimate.
• Shares rose 3.6% to $111.66 following the results, giving Logitech a market capitalization of approximately $16.37 billion.
• Analyst sentiment remains mixed: The stock has a consensus “Hold” rating and an average price target of $109.57, while institutional investors own 45.76% of outstanding shares.

Logitech International (NASDAQ:LOGI - Get Free Report) released its quarterly earnings data on Tuesday. The technology company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.55, FiscalAI reports. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.20 billion. Logitech International had a return on equity of 34.09% and a net margin of 14.69%.

Logitech International Stock Up 3.6%

Shares of LOGI traded up $3.84 during trading hours on Tuesday, reaching $111.66. 2,530,857 shares of the company traded hands, compared to its average volume of 1,163,206. The stock has a market capitalization of $16.37 billion, a PE ratio of 23.26, a price-to-earnings-growth ratio of 4.43 and a beta of 1.17. The stock has a fifty day simple moving average of $106.20 and a 200 day simple moving average of $98.33. Logitech International has a fifty-two week low of $83.32 and a fifty-two week high of $129.66.

Logitech International Cuts Dividend

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen lowered Logitech International from a "buy" rating to a "hold" rating in a report on Sunday, April 26th. Morgan Stanley cut their price target on Logitech International from $89.00 to $88.00 and set an "underweight" rating for the company in a research note on Wednesday, July 8th. Wedbush reissued an "outperform" rating and issued a $135.00 price objective on shares of Logitech International in a research note on Wednesday, July 22nd. Bank of America downgraded shares of Logitech International from a "neutral" rating to an "underperform" rating and set a $86.00 target price for the company. in a report on Tuesday, June 30th. Finally, Weiss Ratings upgraded shares of Logitech International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, May 22nd. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $109.57.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOGI. Invesco Ltd. grew its holdings in shares of Logitech International by 34.1% during the fourth quarter. Invesco Ltd. now owns 593,588 shares of the technology company's stock worth $59,489,000 after buying an additional 150,825 shares in the last quarter. Corient Private Wealth LLC boosted its position in Logitech International by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 14,264 shares of the technology company's stock worth $1,415,000 after acquiring an additional 623 shares during the last quarter. Summit Global Investments acquired a new stake in Logitech International during the fourth quarter worth approximately $365,000. Achmea Investment Management B.V. grew its stake in Logitech International by 151.1% in the 4th quarter. Achmea Investment Management B.V. now owns 69,662 shares of the technology company's stock worth $7,169,000 after acquiring an additional 41,920 shares during the period. Finally, State of Tennessee Department of Treasury raised its holdings in Logitech International by 1.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 97,078 shares of the technology company's stock valued at $9,729,000 after acquiring an additional 1,142 shares during the last quarter. 45.76% of the stock is currently owned by hedge funds and other institutional investors.

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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