Preformed Line Products (NASDAQ:PLPC) Hits New 12-Month High – Still a Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $288.10 and last traded at $290.19, with a volume of 115644 shares. The stock had previously closed at $270.75.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PLPC. Wall Street Zen downgraded shares of Preformed Line Products from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Preformed Line Products in a research report on Friday. Loop Capital set a $275.00 price objective on Preformed Line Products in a research note on Monday, March 9th. Finally, Freedom Capital raised Preformed Line Products from a “hold” rating to a “strong-buy” rating in a report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, Preformed Line Products currently has an average rating of “Strong Buy” and an average target price of $275.00.

Preformed Line Products Stock Up 8.1%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.17. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of 40.99 and a beta of 0.76. The business’s 50 day moving average price is $260.85 and its 200 day moving average price is $230.86.

Preformed Line Products (NASDAQ:PLPC) last posted its earnings results on Wednesday, March 4th. The technology company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.08. Preformed Line Products had a net margin of 5.27% and a return on equity of 9.36%. The firm had revenue of $173.11 million during the quarter, compared to analysts’ expectations of $177.00 million.

Preformed Line Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 20th. Shareholders of record on Wednesday, April 1st will be given a $0.21 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Preformed Line Products’s dividend payout ratio is 11.76%.

Institutional Investors Weigh In On Preformed Line Products

A number of institutional investors have recently modified their holdings of PLPC. Montag A & Associates Inc. purchased a new position in shares of Preformed Line Products in the 3rd quarter valued at about $29,000. Huntington National Bank boosted its position in Preformed Line Products by 181.7% during the third quarter. Huntington National Bank now owns 200 shares of the technology company’s stock worth $39,000 after purchasing an additional 129 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Preformed Line Products by 2,562.5% in the third quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock valued at $42,000 after purchasing an additional 205 shares during the period. Royal Bank of Canada grew its holdings in Preformed Line Products by 132.4% in the fourth quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock valued at $52,000 after purchasing an additional 143 shares during the period. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Preformed Line Products in the third quarter valued at approximately $51,000. 41.19% of the stock is currently owned by institutional investors and hedge funds.

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.