Preformed Line Products (NASDAQ:PLPC) Shares Gap Down – Here’s Why

Preformed Line Products Company (NASDAQ:PLPC) gapped down prior to trading on Thursday. The stock had previously closed at $348.81, but opened at $302.29. Preformed Line Products shares last traded at $324.0810, with a volume of 25,254 shares traded.

Analyst Upgrades and Downgrades

PLPC has been the subject of several analyst reports. Freedom Capital raised shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Weiss Ratings lowered shares of Preformed Line Products from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Finally, Wall Street Zen raised shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Strong Buy” and an average target price of $275.00.

Preformed Line Products Trading Down 9.0%

The firm has a market capitalization of $1.42 billion, a P/E ratio of 26.87 and a beta of 0.90. The business’s 50 day moving average is $392.17 and its two-hundred day moving average is $341.78. The company has a quick ratio of 1.88, a current ratio of 2.99 and a debt-to-equity ratio of 0.07.

Preformed Line Products (NASDAQ:PLPC) last announced its earnings results on Wednesday, October 28th. The technology company reported $3.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.37 by $0.19. The firm had revenue of $209.50 million during the quarter, compared to analyst estimates of $215.00 million. Preformed Line Products had a net margin of 7.58% and a return on equity of 12.16%.

Preformed Line Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Thursday, October 1st were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Thursday, October 1st. Preformed Line Products’s dividend payout ratio is currently 9.46%.

Insider Activity

In related news, Director Glen E. Corlett sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 is available at this link. 33.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Preformed Line Products

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nykredit A S purchased a new position in Preformed Line Products in the 2nd quarter worth about $30,000. Sterling Capital Management LLC raised its holdings in Preformed Line Products by 844.4% during the 3rd quarter. Sterling Capital Management LLC now owns 85 shares of the technology company’s stock worth $35,000 after buying an additional 76 shares during the period. IFP Advisors Inc lifted its stake in Preformed Line Products by 142.5% during the third quarter. IFP Advisors Inc now owns 194 shares of the technology company’s stock valued at $79,000 after buying an additional 114 shares in the last quarter. Avalon Trust Co purchased a new stake in Preformed Line Products during the second quarter valued at about $82,000. Finally, Nisa Investment Advisors LLC lifted its stake in Preformed Line Products by 127.6% during the third quarter. Nisa Investment Advisors LLC now owns 280 shares of the technology company’s stock valued at $114,000 after buying an additional 157 shares in the last quarter. Institutional investors own 41.19% of the company’s stock.

About Preformed Line Products

Preformed Line Products Company (NASDAQ: PLPC) designs and manufactures products and systems used to construct, maintain and protect overhead and underground networks. The company serves the telecommunications, energy, data communications, cable television, renewable energy and transportation markets.

Its product portfolio includes formed-wire products, fiber-optic cable hardware, connectors, splicing and closure systems, protective devices, enclosures and other network-infrastructure components.