Preformed Line Products (NASDAQ:PLPC) Sets New 1-Year High – Here’s Why

Preformed Line Products Company (NASDAQ:PLPC) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $370.17 and last traded at $364.71, with a volume of 8538 shares traded. The stock had previously closed at $358.66.

Analysts Set New Price Targets

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

Preformed Line Products Stock Up 0.2%

The company has a current ratio of 3.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 49.95 and a beta of 0.88. The firm has a 50-day moving average of $291.79 and a two-hundred day moving average of $251.60.

Preformed Line Products (NASDAQ:PLPC) last posted its quarterly earnings data on Wednesday, April 29th. The technology company reported $2.14 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $176.28 million during the quarter, compared to analysts’ expectations of $178.00 million.

Preformed Line Products Announces Dividend

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

Hedge Funds Weigh In On Preformed Line Products

Large investors have recently added to or reduced their stakes in the company. Montag A & Associates Inc. acquired a new position in Preformed Line Products in the 3rd quarter valued at approximately $29,000. Huntington National Bank raised its holdings in Preformed Line Products by 181.7% in the 3rd quarter. Huntington National Bank now owns 200 shares of the technology company’s stock valued at $39,000 after acquiring an additional 129 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Preformed Line Products by 2,562.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock valued at $42,000 after acquiring an additional 205 shares in the last quarter. Royal Bank of Canada raised its holdings in Preformed Line Products by 132.4% in the 4th quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock valued at $52,000 after acquiring an additional 143 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Preformed Line Products in the 3rd quarter valued at approximately $51,000. Institutional investors and hedge funds own 41.19% of the company’s stock.

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.