Preformed Line Products (NASDAQ:PLPC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Preformed Line Products (NASDAQ:PLPC) from a buy rating to a strong-buy rating in a report released on Saturday.

PLPC has been the subject of several other research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Preformed Line Products in a research note on Friday, July 24th. Freedom Capital lowered Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Preformed Line Products has an average rating of “Hold” and an average target price of $275.00.

Preformed Line Products Stock Performance

Preformed Line Products stock opened at $358.15 on Friday. Preformed Line Products has a 1-year low of $148.04 and a 1-year high of $414.35. 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 firm has a market capitalization of $1.75 billion, a PE ratio of 40.33 and a beta of 0.91. The firm’s 50 day simple moving average is $360.69 and its 200 day simple moving average is $313.56.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly 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 firm had revenue of $212.68 million during the quarter, compared to the consensus estimate of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%.

Preformed Line Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.21 per share. The ex-dividend date of this dividend 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%.

Hedge Funds Weigh In On Preformed Line Products

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. raised its holdings in Preformed Line Products by 22.1% during the 4th quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock valued at $54,000 after buying an additional 47 shares during the last quarter. Pullen Investment Management LLC grew its holdings in Preformed Line Products by 1.4% in the 1st quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock worth $1,866,000 after acquiring an additional 92 shares during the last quarter. Bank of America Corp DE increased its position in shares of Preformed Line Products by 6.6% in the second quarter. Bank of America Corp DE now owns 1,609 shares of the technology company’s stock valued at $257,000 after acquiring an additional 100 shares during the period. Huntington National Bank raised its stake in shares of Preformed Line Products by 55.5% during the fourth quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after acquiring an additional 111 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of Preformed Line Products by 3.5% during the second quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock valued at $611,000 after acquiring an additional 128 shares during the last quarter. 41.19% of the stock is currently owned by hedge funds and other institutional investors.

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.