Preformed Line Products (NASDAQ:PLPC) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Preformed Line Products (NASDAQ:PLPC) from a buy rating to a strong-buy rating in a research report report published on Saturday.

Several other brokerages have also issued reports on PLPC. Freedom Capital lowered shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $275.00.

Preformed Line Products Trading Down 3.1%

Shares of Preformed Line Products stock opened at $356.98 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.01 and a quick ratio of 1.78. Preformed Line Products has a 1 year low of $145.55 and a 1 year high of $414.35. The firm has a market cap of $1.75 billion, a PE ratio of 40.20 and a beta of 0.88. The company has a 50 day simple moving average of $360.69 and a two-hundred day simple moving average of $312.24.

Preformed Line Products (NASDAQ:PLPC) last issued its quarterly earnings results on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $2.08. The firm had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%.

Preformed Line Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were paid 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 dividend yield of 0.2%. Preformed Line Products’s dividend payout ratio (DPR) is 9.46%.

Institutional Investors Weigh In On Preformed Line Products

A number of institutional investors have recently made changes to their positions in PLPC. Russell Investments Group Ltd. raised its position in Preformed Line Products by 22.1% in the 4th quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock worth $54,000 after purchasing an additional 47 shares during the period. Pullen Investment Management LLC lifted its stake in Preformed Line Products by 1.4% in the first quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock worth $1,866,000 after purchasing an additional 92 shares during the last quarter. Bank of America Corp DE boosted its position in Preformed Line Products by 6.6% during the second quarter. Bank of America Corp DE now owns 1,609 shares of the technology company’s stock valued at $257,000 after buying an additional 100 shares during the period. Huntington National Bank boosted its position in Preformed Line Products by 55.5% during the fourth quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after buying an additional 111 shares during the period. Finally, Quantinno Capital Management LP grew its stake in shares of Preformed Line Products by 3.5% during the second quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock valued at $611,000 after buying an additional 128 shares during the last quarter. Hedge funds and other 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.