1,795 Preformed Line Products Company $PLPC Shares Bought by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC lifted its holdings in shares of Preformed Line Products Company (NASDAQ:PLPC) by 38.3% in the third quarter, Holdings Channel.com reports. The fund owned 6,479 shares of the technology company’s stock after purchasing an additional 1,795 shares during the quarter. Preformed Line Products accounts for approximately 1.8% of SummerHaven Investment Management LLC’s portfolio, making the stock its 6th largest position. SummerHaven Investment Management LLC’s holdings in Preformed Line Products were worth $2,638,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Ausbil Investment Management Ltd lifted its stake in Preformed Line Products by 38.4% during the third quarter. Ausbil Investment Management Ltd now owns 4,552 shares of the technology company’s stock worth $1,854,000 after purchasing an additional 1,263 shares during the period. Tidal Investments LLC boosted its holdings in Preformed Line Products by 138.3% during the second quarter. Tidal Investments LLC now owns 10,027 shares of the technology company’s stock valued at $4,115,000 after purchasing an additional 5,820 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Preformed Line Products during the second quarter valued at approximately $394,000. Nykredit A S bought a new stake in shares of Preformed Line Products in the 2nd quarter valued at approximately $30,000. Finally, HighTower Advisors LLC grew its stake in shares of Preformed Line Products by 4.8% in the 2nd quarter. HighTower Advisors LLC now owns 1,014,731 shares of the technology company’s stock valued at $416,608,000 after purchasing an additional 46,664 shares during the period. 41.19% of the stock is currently owned by institutional investors and hedge funds.

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 that occurred on Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 33.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLPC. Weiss Ratings raised Preformed Line Products from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Finally, Freedom Capital raised Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and a consensus price target of $275.00.

Preformed Line Products Price Performance

NASDAQ:PLPC opened at $352.91 on Friday. The firm has a market cap of $1.73 billion, a PE ratio of 39.74 and a beta of 0.90. Preformed Line Products Company has a 12 month low of $184.02 and a 12 month high of $504.69. The company has a quick ratio of 1.88, a current ratio of 2.99 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $414.48 and its two-hundred day moving average price is $373.01.

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

Preformed Line Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Thursday, October 1st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Preformed Line Products’s payout ratio is presently 9.46%.

About Preformed Line Products

Preformed Line Products Company (NASDAQ: PLPC) designs and manufactures products and systems used to build, maintain and protect overhead and underground networks. Its customers include electric utilities, telecommunications providers, broadband operators, cable television companies and other infrastructure contractors.

The company’s product portfolio includes formed-wire products for transmission and distribution lines, such as dead-end fittings, splices, suspension hardware, armor rods and vibration-control equipment.