Preformed Line Products (NASDAQ:PLPC) Stock Rating Upgraded by Freedom Capital

Preformed Line Products (NASDAQ:PLPC) was upgraded by Freedom Capital from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

PLPC has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Preformed Line Products in a report on Friday, July 24th. Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Preformed Line Products has an average rating of “Buy” and an average price target of $275.00.

Preformed Line Products Trading Down 2.2%

NASDAQ PLPC opened at $460.75 on Tuesday. The company’s fifty day simple moving average is $365.13 and its 200-day simple moving average is $317.91. Preformed Line Products has a 52 week low of $153.22 and a 52 week high of $497.00. The company has a current ratio of 2.99, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.25 billion, a P/E ratio of 51.89 and a beta of 0.91.

Preformed Line Products (NASDAQ:PLPC) last announced its earnings results on Wednesday, July 29th. The technology company reported $4.49 earnings per share for the quarter, beating the consensus estimate of $2.41 by $2.08. The business 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 10.64%.

Insider Buying and Selling at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 33.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PLPC. Russell Investments Group Ltd. grew its holdings in Preformed Line Products by 2,562.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock worth $42,000 after acquiring an additional 205 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Preformed Line Products by 199.0% in the 2nd 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. Royal Bank of Canada lifted its position in shares of Preformed Line Products by 132.4% during the fourth quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock worth $52,000 after purchasing an additional 143 shares during the last quarter. State of Wyoming bought a new position in shares of Preformed Line Products during the second quarter worth about $63,000. Finally, Huntington National Bank grew its stake in Preformed Line Products by 55.5% in the fourth quarter. Huntington National Bank now owns 311 shares of the technology company’s stock worth $64,000 after purchasing an additional 111 shares in the last quarter. 41.19% of the stock is currently owned by 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.