Preformed Line Products (NASDAQ:PLPC) Stock Price Down 6.9% – Here’s Why

Preformed Line Products Company (NASDAQ:PLPC) dropped 6.9% on Monday . The stock traded as low as $283.87 and last traded at $281.8860. Approximately 56,380 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 133,597 shares. The stock had previously closed at $302.78.

Wall Street Analyst Weigh In

Several research firms recently commented on PLPC. Freedom Capital upgraded Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 9th. Wall Street Zen cut Preformed Line Products from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Loop Capital set a $275.00 target price on Preformed Line Products in a research report on Monday, March 9th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Preformed Line Products in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Strong Buy” and an average target price of $275.00.

Preformed Line Products Stock Performance

The company has a 50-day moving average of $266.01 and a 200 day moving average of $234.14. The company has a quick ratio of 1.87, a current ratio of 3.17 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.39 billion, a PE ratio of 39.64 and a beta of 0.75.

Preformed Line Products (NASDAQ:PLPC) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.08. Preformed Line Products had a return on equity of 9.36% and a net margin of 5.27%.The firm had revenue of $173.11 million during the quarter, compared to analysts’ expectations of $177.00 million.

Preformed Line Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 20th. Stockholders of record on Wednesday, April 1st will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, April 1st. Preformed Line Products’s dividend payout ratio is presently 11.76%.

Hedge Funds Weigh In On Preformed Line Products

Hedge funds and other institutional investors have recently modified their holdings of the company. Montag A & Associates Inc. purchased a new position in shares of Preformed Line Products in the 3rd quarter worth about $29,000. Huntington National Bank boosted its holdings in shares of Preformed Line Products by 181.7% in the 3rd quarter. Huntington National Bank now owns 200 shares of the technology company’s stock worth $39,000 after purchasing an additional 129 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Preformed Line Products by 2,562.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock worth $42,000 after purchasing an additional 205 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Preformed Line Products by 199.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock worth $48,000 after purchasing an additional 199 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of Preformed Line Products in the 3rd quarter worth about $51,000. 41.19% of the stock is currently owned by hedge funds and other institutional investors.

About Preformed Line Products

Preformed Line Products Company (NASDAQ: PLPC) is a global manufacturer of engineered solutions for electric, telecommunications and industrial infrastructure networks. The company designs, engineers and produces a broad portfolio of products, including preformed wire and cable fittings, anchors, suspension and tension clamps, splice closures and optical fiber hardware. These durable components support the installation, repair and maintenance of overhead and underground systems, helping utilities and contractors manage reliability and safety in demanding environments.

Founded in 1947 and headquartered in Mayfield Village, Ohio, Preformed Line Products operates manufacturing facilities and distribution centers across North America, Europe and the Asia Pacific region.