Preformed Line Products (NASDAQ:PLPC) Stock Price Down 9% – Here’s What Happened

Preformed Line Products Company (NASDAQ:PLPC)’s share price was down 9% during trading on Tuesday . The company traded as low as $327.72 and last traded at $334.77. 65,404 shares traded hands during trading, a decline of 50% from the average session volume of 130,991 shares. The stock had previously closed at $367.78.

Wall Street Analysts Forecast Growth

PLPC has been the topic of a number of recent research reports. Freedom Capital lowered Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Wall Street Zen raised Preformed Line Products from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings cut shares of Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Preformed Line Products currently has an average rating of “Hold” and an average price target of $275.00.

Preformed Line Products Trading Up 4.3%

The company has a 50 day moving average of $366.25 and a 200-day moving average of $299.52. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 50.38 and a beta of 0.88. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 3.01.

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

Preformed Line Products Dividend Announcement

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

Hedge Funds Weigh In On Preformed Line Products

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLPC. Russell Investments Group Ltd. increased its position in shares of Preformed Line Products by 22.1% during the fourth quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock worth $54,000 after acquiring an additional 47 shares during the period. Pullen Investment Management LLC increased its position in shares of Preformed Line Products by 1.4% in the 1st quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock valued at $1,866,000 after purchasing an additional 92 shares during the last quarter. Bank of America Corp DE increased its position in shares of Preformed Line Products by 6.6% in the 2nd quarter. Bank of America Corp DE now owns 1,609 shares of the technology company’s stock valued at $257,000 after purchasing an additional 100 shares during the last quarter. Huntington National Bank raised its holdings in shares of Preformed Line Products by 55.5% in the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after purchasing an additional 111 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Preformed Line Products by 3.5% during the 2nd quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock worth $611,000 after purchasing an additional 128 shares during the last quarter. Hedge funds and other institutional investors own 41.19% of the company’s stock.

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.