LGT Group Foundation trimmed its stake in Logitech International S.A. (NASDAQ:LOGI – Free Report) by 9.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 504,727 shares of the technology company’s stock after selling 51,025 shares during the quarter. LGT Group Foundation owned approximately 0.31% of Logitech International worth $30,001,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Janney Montgomery Scott LLC acquired a new position in shares of Logitech International in the second quarter worth $1,401,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Logitech International in the second quarter valued at $300,000. Assenagon Asset Management S.A. grew its position in shares of Logitech International by 123.1% in the second quarter. Assenagon Asset Management S.A. now owns 25,401 shares of the technology company’s stock valued at $1,512,000 after purchasing an additional 14,016 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Logitech International by 25.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 364,865 shares of the technology company’s stock valued at $21,396,000 after purchasing an additional 73,720 shares during the period. Finally, Venturi Wealth Management LLC grew its position in shares of Logitech International by 4.7% in the second quarter. Venturi Wealth Management LLC now owns 15,167 shares of the technology company’s stock valued at $901,000 after purchasing an additional 675 shares during the period. 38.58% of the stock is owned by institutional investors and hedge funds.
Logitech International Stock Down 0.2 %
Shares of NASDAQ LOGI traded down $0.12 on Monday, hitting $71.12. The company had a trading volume of 189,214 shares, compared to its average volume of 600,615. Logitech International S.A. has a 12-month low of $41.81 and a 12-month high of $73.70. The business has a 50 day moving average of $69.03 and a two-hundred day moving average of $63.63. The firm has a market capitalization of $11.25 billion, a P/E ratio of 35.44 and a beta of 0.84.
Logitech International (NASDAQ:LOGI – Get Free Report) last issued its earnings results on Monday, July 24th. The technology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.15. Logitech International had a return on equity of 19.75% and a net margin of 7.50%. The company had revenue of $974.50 million during the quarter, compared to the consensus estimate of $916.69 million. On average, sell-side analysts anticipate that Logitech International S.A. will post 2.5 earnings per share for the current year.
Logitech International declared that its board has approved a stock buyback program on Wednesday, June 21st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 10.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Logitech International Increases Dividend
The business also recently announced an annual dividend, which was paid on Wednesday, September 27th. Stockholders of record on Tuesday, September 26th were given a $1.1876 dividend. This is an increase from Logitech International’s previous annual dividend of $0.98. The ex-dividend date was Monday, September 25th. This represents a dividend yield of 1.4%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on LOGI shares. Citigroup lifted their price objective on Logitech International from $70.00 to $75.00 in a research report on Wednesday, July 26th. StockNews.com started coverage on Logitech International in a research report on Thursday. They issued a “buy” rating for the company. Barclays lifted their price objective on Logitech International from $71.00 to $81.00 and gave the company an “overweight” rating in a research report on Tuesday, July 25th. Morgan Stanley reissued an “equal weight” rating and set a $57.00 price target on shares of Logitech International in a research report on Thursday, July 20th. Finally, Loop Capital boosted their price target on Logitech International from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $70.25.
Logitech International Profile
Logitech International SA, through its subsidiaries, designs, manufactures, and markets products that connect people to working, creating, gaming, and streaming worldwide. The company offers pointing devices, such as wireless mouse; corded and cordless keyboards, living room keyboards, and keyboard-and-mouse combinations; PC webcams; and keyboards for tablets and smartphones, as well as other accessories for mobile devices.