Preformed Line Products (NASDAQ:PLPC) Trading 8.6% Higher – Time to Buy?

Preformed Line Products Company (NASDAQ:PLPC) traded up 8.6% during mid-day trading on Tuesday . The company traded as high as $330.22 and last traded at $336.4180. 6,710 shares traded hands during trading, a decline of 95% from the average session volume of 144,610 shares. The stock had previously closed at $309.76.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Loop Capital set a $275.00 price target on Preformed Line Products in a research note on Monday, March 9th. Weiss Ratings downgraded Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. Wall Street Zen downgraded Preformed Line Products from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, Freedom Capital downgraded Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $275.00.

Preformed Line Products Price Performance

The business has a 50-day moving average price of $291.79 and a 200 day moving average price of $251.60. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 49.78 and a beta of 0.88. The company has a current ratio of 3.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07.

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

Preformed Line Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 20th. Stockholders of record on Wednesday, April 1st were issued a $0.21 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.2%. Preformed Line Products’s dividend payout ratio is presently 12.09%.

Institutional Trading of Preformed Line Products

A number of hedge funds have recently modified their holdings of PLPC. Montag A & Associates Inc. purchased a new stake in shares of Preformed Line Products in the third quarter valued at $29,000. Huntington National Bank lifted its holdings in shares of Preformed Line Products by 181.7% in the third quarter. Huntington National Bank now owns 200 shares of the technology company’s stock valued at $39,000 after purchasing an additional 129 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of 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 in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Preformed Line Products by 199.0% in the second quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock valued at $48,000 after purchasing an additional 199 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Preformed Line Products in the third quarter valued at $51,000. Hedge funds and other institutional investors own 41.19% of the company’s stock.

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.