Preformed Line Products (NASDAQ:PLPC) Hits New 52-Week High on Analyst Upgrade

Preformed Line Products Company (NASDAQ:PLPC)’s share price reached a new 52-week high during mid-day trading on Wednesday after Freedom Capital upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $426.00 and last traded at $423.60, with a volume of 122818 shares changing hands. The stock had previously closed at $358.15.

Several other equities research analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Wall Street Zen upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $275.00.

Insider Activity

In other news, Director Glen E. Corlett sold 2,000 shares of Preformed Line Products stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 33.00% of the stock is currently owned by insiders.

Institutional Trading of Preformed Line Products

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. grew its stake in Preformed Line Products by 2,562.5% during the third quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock worth $42,000 after buying an additional 205 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Preformed Line Products by 199.0% in the second quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock valued at $48,000 after buying an additional 199 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Preformed Line Products by 132.4% during the 4th quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock valued at $52,000 after purchasing an additional 143 shares during the last quarter. State of Wyoming bought a new position in shares of Preformed Line Products in the 2nd quarter valued at $63,000. Finally, Huntington National Bank increased its stake in shares of Preformed Line Products by 55.5% in the fourth quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after buying an additional 111 shares during the period. 41.19% of the stock is currently owned by institutional investors.

Preformed Line Products Price Performance

The company has a quick ratio of 1.78, a current ratio of 2.99 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.25 billion, a P/E ratio of 51.89 and a beta of 0.91. The company’s 50 day moving average price is $365.13 and its 200-day moving average price is $317.91.

Preformed Line Products (NASDAQ:PLPC) last released its quarterly earnings results on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $2.08. The firm had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million. Preformed Line Products had a return on equity of 10.64% and a net margin of 5.82%.

Preformed Line Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Wednesday, July 1st were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s payout ratio is presently 9.46%.

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.