Preformed Line Products (NASDAQ:PLPC) Hits New 1-Year High – Still a Buy?

Preformed Line Products Company (NASDAQ:PLPC) shares reached a new 52-week high on Wednesday . The company traded as high as $500.92 and last traded at $498.1950, with a volume of 4353 shares changing hands. The stock had previously closed at $480.77.

Analyst Ratings Changes

PLPC has been the topic of several recent analyst reports. Wall Street Zen raised shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Freedom Capital raised shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Preformed Line Products from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average price target of $275.00.

Preformed Line Products Trading Down 0.5%

The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 54.10 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.88 and a current ratio of 2.99. The company has a 50 day moving average of $370.66 and a 200-day moving average of $322.70.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly earnings data on Wednesday, July 29th. The technology company reported $4.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $2.08. Preformed Line Products had a return on equity of 10.64% and a net margin of 5.82%.The business had revenue of $212.68 million for the quarter, compared to analysts’ expectations of $193.00 million.

Preformed Line Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were given a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, July 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 currently 9.46%.

Insider Activity at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 33.00% of the company’s stock.

Institutional Investors Weigh In On Preformed Line Products

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its holdings in shares of Preformed Line Products by 22.1% in the fourth quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock valued at $54,000 after purchasing an additional 47 shares during the period. Pullen Investment Management LLC lifted its holdings in shares of Preformed Line Products by 1.4% during the first quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock worth $1,866,000 after purchasing an additional 92 shares during the period. Bank of America Corp DE grew its position in Preformed Line Products by 6.6% in the 2nd quarter. Bank of America Corp DE now owns 1,609 shares of the technology company’s stock valued at $257,000 after buying an additional 100 shares during the last quarter. Huntington National Bank grew its position in Preformed Line Products by 55.5% in the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after buying an additional 111 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in Preformed Line Products by 3.5% in the 2nd quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock valued at $611,000 after buying an additional 128 shares during the period. 41.19% of the stock is currently owned by institutional investors and hedge funds.

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.