Preformed Line Products (NASDAQ:PLPC) Announces Earnings Results, Beats Estimates By $2.08 EPS

Preformed Line Products (NASDAQ:PLPC) announced its quarterly earnings data on Wednesday. The technology company reported $4.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $2.08, FiscalAI reports. Preformed Line Products had a net margin of 4.92% and a return on equity of 8.96%. The company had revenue of $212.68 million for the quarter, compared to analysts’ expectations of $193.00 million.

Preformed Line Products Price Performance

PLPC traded down $13.60 during trading on Wednesday, reaching $283.51. 175,579 shares of the stock were exchanged, compared to its average volume of 126,379. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.01 and a quick ratio of 1.78. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 40.79 and a beta of 0.88. Preformed Line Products has a 1 year low of $139.53 and a 1 year high of $414.35. The business’s 50 day moving average price is $361.23 and its two-hundred day moving average price is $310.63.

Preformed Line Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Wednesday, July 1st were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.84 annualized dividend and a yield of 0.3%. Preformed Line Products’s payout ratio is currently 12.09%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PLPC. Prudential Financial Inc. purchased a new stake in Preformed Line Products in the 2nd quarter valued at approximately $383,000. Hsbc Holdings PLC acquired a new position in shares of Preformed Line Products in the second quarter worth $286,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Preformed Line Products by 45.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 23,497 shares of the technology company’s stock valued at $3,755,000 after acquiring an additional 7,332 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Preformed Line Products by 7.4% during the second quarter. First Trust Advisors LP now owns 24,412 shares of the technology company’s stock valued at $3,901,000 after acquiring an additional 1,689 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Preformed Line Products during the second quarter valued at $585,000. 41.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Wall Street Zen raised Preformed Line Products from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $275.00.

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.