Preformed Line Products (NASDAQ:PLPC) Upgraded at Freedom Capital

Freedom Capital upgraded shares of Preformed Line Products (NASDAQ:PLPC) from a hold rating to a strong-buy rating in a research report released on Tuesday,Zacks.com reports.

PLPC has been the subject of several other research reports. Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Preformed Line Products in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Preformed Line Products presently has an average rating of “Buy” and an average price target of $275.00.

Preformed Line Products Stock Performance

Shares of PLPC opened at $460.75 on Tuesday. Preformed Line Products has a 12 month low of $153.22 and a 12 month high of $497.00. The firm has a fifty day simple moving average of $365.13 and a 200 day simple moving average of $317.91. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 51.89 and a beta of 0.91. The company has a current ratio of 2.99, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07.

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

Preformed Line Products Dividend Announcement

The company also recently announced 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. This represents a $0.84 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s payout ratio is presently 9.46%.

Insider Activity at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 33.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Preformed Line Products

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its position 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 during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of 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 during the last quarter. Royal Bank of Canada boosted its stake 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 worth $52,000 after acquiring an additional 143 shares during the period. State of Wyoming bought a new position in shares of Preformed Line Products during the 2nd quarter worth approximately $63,000. Finally, Huntington National Bank increased its holdings in shares of Preformed Line Products by 55.5% during the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock worth $64,000 after acquiring an additional 111 shares during the last quarter. 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.