Preformed Line Products (NASDAQ:PLPC) Posts Earnings Results, Beats Estimates By $2.08 EPS

Preformed Line Products (NASDAQ:PLPC) released its earnings results on Wednesday. The technology company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $2.08, FiscalAI reports. Preformed Line Products had a net margin of 4.92% and a return on equity of 8.96%. The company had revenue of $212.68 million during the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Price Performance

PLPC stock traded down $13.60 during midday trading on Wednesday, hitting $283.51. The company’s stock had a trading volume of 175,579 shares, compared to its average volume of 126,379. The company has a quick ratio of 1.78, a current ratio of 3.01 and a debt-to-equity ratio of 0.07. Preformed Line Products has a 12 month low of $139.53 and a 12 month high of $414.35. The company has a 50 day moving average of $361.23 and a two-hundred day moving average of $310.63. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 40.79 and a beta of 0.88.

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 $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s dividend payout ratio is presently 12.09%.

Hedge Funds Weigh In On Preformed Line Products

Several hedge funds have recently modified their holdings of PLPC. Informed Momentum Co LLC bought a new position in shares of Preformed Line Products during the fourth quarter worth $4,640,000. Arrowstreet Capital Limited Partnership increased its holdings in Preformed Line Products by 81.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock valued at $8,378,000 after acquiring an additional 19,216 shares during the last quarter. Invesco Ltd. increased its holdings in Preformed Line Products by 25.7% in the 4th quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock valued at $16,392,000 after acquiring an additional 16,223 shares during the last quarter. Millennium Management LLC lifted its stake in Preformed Line Products by 303.7% in the 4th quarter. Millennium Management LLC now owns 19,470 shares of the technology company’s stock worth $4,025,000 after purchasing an additional 14,647 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in Preformed Line Products by 31.6% in the 3rd quarter. Two Sigma Investments LP now owns 41,340 shares of the technology company’s stock worth $8,109,000 after purchasing an additional 9,925 shares in the last quarter. Hedge funds and other institutional investors own 41.19% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Preformed Line Products from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday. Finally, Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Preformed Line Products currently has an average rating of “Hold” and a consensus target price of $275.00.

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.