Preformed Line Products (NASDAQ:PLPC) Trading Up 8.7% – Here’s Why

Preformed Line Products Company (NASDAQ:PLPC)’s share price was up 8.7% on Tuesday . The stock traded as high as $262.84 and last traded at $264.4350. Approximately 82,616 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 119,061 shares. The stock had previously closed at $243.27.

Wall Street Analyst Weigh In

PLPC has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Preformed Line Products from a “buy” rating to a “hold” rating in a research report on Saturday. Loop Capital set a $275.00 target price on shares of Preformed Line Products in a report on Monday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Preformed Line Products in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Preformed Line Products currently has an average rating of “Buy” and an average target price of $275.00.

Preformed Line Products Stock Performance

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 $1.30 billion, a price-to-earnings ratio of 37.15 and a beta of 0.76. The firm’s fifty day moving average price is $249.85 and its 200-day moving average price is $222.63.

Preformed Line Products (NASDAQ:PLPC) last posted its earnings results on Wednesday, March 4th. The technology company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.08. The business had revenue of $173.11 million during the quarter, compared to the consensus estimate 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 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 20th. Stockholders of record on Monday, January 5th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. This is a positive change from Preformed Line Products’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, January 5th. Preformed Line Products’s payout ratio is currently 11.76%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Montag A & Associates Inc. purchased a new position in Preformed Line Products during the 3rd quarter worth $29,000. Huntington National Bank increased its position in Preformed Line Products by 181.7% during the 3rd quarter. Huntington National Bank now owns 200 shares of the technology company’s stock worth $39,000 after purchasing an additional 129 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Preformed Line Products by 2,562.5% during the 3rd 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 raised its stake in shares of Preformed Line Products by 199.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock worth $48,000 after buying an additional 199 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Preformed Line Products in the 3rd quarter valued at approximately $51,000. Institutional investors and hedge funds own 41.19% of the company’s stock.

About Preformed Line Products

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.