Preformed Line Products (NASDAQ:PLPC) Reaches New 52-Week High – Here’s Why

Preformed Line Products Company (NASDAQ:PLPC) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $398.27 and last traded at $397.7440, with a volume of 57512 shares. The stock had previously closed at $384.27.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PLPC. Weiss Ratings lowered Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. Freedom Capital cut 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 target price on Preformed Line Products in a report on Monday, March 9th. Finally, Wall Street Zen upgraded shares of Preformed Line Products from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. 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 target price of $275.00.

Preformed Line Products Price Performance

The firm has a 50 day moving average price of $351.32 and a 200 day moving average price of $284.94. The stock has a market capitalization of $1.96 billion, a PE ratio of 57.66 and a beta of 0.90. The company has a current ratio of 3.01, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07.

Preformed Line Products (NASDAQ:PLPC) last released its earnings results on Wednesday, April 29th. The technology company reported $2.14 earnings per share for the quarter, beating 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 company had revenue of $176.28 million for the quarter, compared to the consensus estimate of $178.00 million.

Preformed Line Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, July 1st. Preformed Line Products’s payout ratio is presently 12.09%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PLPC. Wasatch Advisors LP bought a new stake in Preformed Line Products during the 1st quarter worth approximately $30,565,000. HighTower Advisors LLC boosted its position in shares of Preformed Line Products by 11.6% in the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after purchasing an additional 100,113 shares during the period. Informed Momentum Co LLC bought a new position in shares of Preformed Line Products in the fourth quarter worth approximately $4,640,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Preformed Line Products by 81.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock worth $8,378,000 after purchasing an additional 19,216 shares in the last quarter. Finally, Ranger Investment Management L.P. purchased a new stake in shares of Preformed Line Products in the first quarter worth $5,069,000. 41.19% of the stock is currently owned by institutional investors.

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.