Wasatch Advisors LP Makes New $30.57 Million Investment in Preformed Line Products Company $PLPC

Wasatch Advisors LP bought a new stake in shares of Preformed Line Products Company (NASDAQ:PLPC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 112,889 shares of the technology company’s stock, valued at approximately $30,565,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC boosted its stake in shares of Preformed Line Products by 11.6% in the 4th quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after buying an additional 100,113 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Preformed Line Products by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company’s stock valued at $42,665,000 after acquiring an additional 2,768 shares during the period. Vanguard Group Inc. lifted its holdings in Preformed Line Products by 4.8% in the third quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock valued at $31,810,000 after acquiring an additional 7,426 shares during the period. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Preformed Line Products by 1.2% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 79,731 shares of the technology company’s stock valued at $15,639,000 after acquiring an additional 913 shares during the period. Finally, Invesco Ltd. boosted its position in Preformed Line Products by 25.7% in the fourth quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock worth $16,392,000 after purchasing an additional 16,223 shares during the last quarter. 41.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

PLPC has been the subject of a number of recent research reports. Freedom Capital downgraded Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Weiss Ratings cut shares of Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. Loop Capital set a $275.00 price objective on shares of Preformed Line Products in a report on Monday, March 9th. Finally, Wall Street Zen upgraded shares of Preformed Line Products from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $275.00.

Preformed Line Products Stock Down 2.3%

NASDAQ PLPC opened at $395.66 on Friday. Preformed Line Products Company has a 52 week low of $139.04 and a 52 week high of $407.25. The company has a quick ratio of 1.78, a current ratio of 3.01 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.93 billion, a P/E ratio of 56.93 and a beta of 0.90. The stock’s 50-day moving average price is $359.20 and its 200-day moving average price is $290.71.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly earnings data on Wednesday, April 29th. The technology company reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.32. The company had revenue of $176.28 million during the quarter, compared to the consensus estimate of $178.00 million. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.

Preformed Line Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.84 annualized dividend and a yield of 0.2%. Preformed Line Products’s payout ratio is currently 12.09%.

Preformed Line Products Company Profile

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.