NewEdge Advisors LLC Invests $338,000 in Preformed Line Products Company $PLPC

NewEdge Advisors LLC bought a new stake in Preformed Line Products Company (NASDAQ:PLPC) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,250 shares of the technology company’s stock, valued at approximately $338,000.

Several other hedge funds have also bought and sold shares of PLPC. Prudential Financial Inc. bought a new position in Preformed Line Products during the second quarter worth about $383,000. Hsbc Holdings PLC bought a new stake in Preformed Line Products in the second quarter valued at approximately $286,000. Arrowstreet Capital Limited Partnership raised its stake in Preformed Line Products by 45.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 23,497 shares of the technology company’s stock valued at $3,755,000 after buying an additional 7,332 shares during the period. First Trust Advisors LP lifted its position in shares of Preformed Line Products by 7.4% in the second quarter. First Trust Advisors LP now owns 24,412 shares of the technology company’s stock valued at $3,901,000 after buying an additional 1,689 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Preformed Line Products in the second quarter valued at approximately $585,000. 41.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PLPC. Wall Street Zen raised Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Weiss Ratings downgraded Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Finally, Freedom Capital raised shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $275.00.

Insider Buying and Selling

In other Preformed Line Products news, Director Glen E. Corlett sold 2,000 shares of the company’s stock in a transaction 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 document filed with the SEC, which can be accessed through this link. 33.00% of the stock is currently owned by corporate insiders.

Preformed Line Products Stock Performance

Shares of PLPC stock opened at $429.30 on Monday. Preformed Line Products Company has a 12-month low of $184.02 and a 12-month high of $504.69. The company has a market capitalization of $2.10 billion, a PE ratio of 48.34 and a beta of 0.91. The firm has a 50 day moving average price of $383.07 and a two-hundred day moving average price of $333.96. 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 posted its earnings results on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, beating the consensus estimate of $2.41 by $2.08. The company had revenue of $212.68 million for the quarter, compared to the consensus estimate of $193.00 million. Preformed Line Products had a return on equity of 10.64% and a net margin of 5.82%.

Preformed Line Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Wednesday, July 1st were paid a $0.21 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.84 annualized dividend and a yield of 0.2%. Preformed Line Products’s payout ratio is 9.46%.

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.