Preformed Line Products (NASDAQ:PLPC) Trading Up 8.7% Following Analyst Upgrade

Preformed Line Products Company (NASDAQ:PLPC)’s stock price traded up 8.7% on Tuesday after Freedom Capital upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $262.84 and last traded at $264.4350. 82,616 shares changed hands during trading, a decline of 31% from the average session volume of 119,061 shares. The stock had previously closed at $243.27.

Other equities research analysts also recently issued research reports about the stock. Loop Capital set a $275.00 price target on shares of Preformed Line Products in a research report on Monday. Weiss Ratings restated a “buy (b-)” rating on shares of Preformed Line Products in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Preformed Line Products from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat, the company has a consensus rating of “Strong Buy” and an average price target of $275.00.

Institutional Investors Weigh In On Preformed Line Products

A number of hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its position in shares of Preformed Line Products by 1,929.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 548 shares of the technology company’s stock valued at $113,000 after buying an additional 521 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Preformed Line Products during the 4th quarter worth approximately $421,000. Invesco Ltd. grew its holdings in shares of 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. Millennium Management LLC grew its stake in Preformed Line Products by 303.7% in the 4th quarter. Millennium Management LLC now owns 19,470 shares of the technology company’s stock worth $4,025,000 after acquiring an additional 14,647 shares in the last quarter. Finally, Man Group plc grew its stake in Preformed Line Products by 60.1% in the fourth quarter. Man Group plc now owns 13,630 shares of the technology company’s stock worth $2,817,000 after purchasing an additional 5,116 shares in the last quarter. 41.19% of the stock is currently owned by hedge funds and other institutional investors.

Preformed Line Products Stock Down 2.7%

The company has a current ratio of 3.17, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.27 billion, a P/E ratio of 36.42 and a beta of 0.76. The business has a 50-day moving average price of $252.16 and a 200-day moving average price of $223.45.

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

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.