Preformed Line Products (NASDAQ:PLPC) Shares Gap Up – Should You Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s share price gapped up before the market opened on Friday . The stock had previously closed at $344.55, but opened at $362.36. Preformed Line Products shares last traded at $349.1830, with a volume of 14,869 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Weiss Ratings downgraded Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Freedom Capital cut Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, Wall Street Zen upgraded Preformed Line Products from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $275.00.

Preformed Line Products Stock Performance

The company has a current ratio of 3.01, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.74 billion, a PE ratio of 51.75 and a beta of 0.88. The firm’s 50-day simple moving average is $366.01 and its two-hundred day simple moving average is $300.43.

Preformed Line Products (NASDAQ:PLPC) last released its earnings results on Wednesday, April 29th. The technology company reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.32. The company had revenue of $176.28 million during the quarter, compared to analyst estimates of $178.00 million. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.

Preformed Line Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Wednesday, July 1st will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Wednesday, July 1st. Preformed Line Products’s payout ratio is presently 12.09%.

Institutional Investors Weigh In On Preformed Line Products

Institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC grew its stake in Preformed Line Products by 11.6% during the 4th quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock valued at $199,720,000 after acquiring an additional 100,113 shares in the last quarter. Wasatch Advisors LP lifted its position in shares of Preformed Line Products by 234.3% in the second quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock worth $154,932,000 after purchasing an additional 264,478 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Preformed Line Products by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company’s stock worth $42,665,000 after purchasing an additional 2,768 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Preformed Line Products by 4.8% during the third quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock worth $31,810,000 after purchasing an additional 7,426 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Preformed Line Products by 25.7% during the fourth quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock worth $16,392,000 after purchasing an additional 16,223 shares during the period. 41.19% of the stock is currently owned by institutional investors and hedge funds.

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.