Preformed Line Products (NASDAQ:PLPC) Sets New 52-Week High – Here’s What Happened

Preformed Line Products Company (NASDAQ:PLPC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $426.00 and last traded at $423.60, with a volume of 122818 shares. The stock had previously closed at $358.15.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PLPC shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Freedom Capital lowered Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $275.00.

Preformed Line Products Stock Performance

The stock’s fifty day moving average is $361.63 and its two-hundred day moving average is $314.84. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 47.70 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 2.99.

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

Preformed Line Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were issued 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 was Wednesday, July 1st. Preformed Line Products’s dividend payout ratio (DPR) is 9.46%.

Institutional Investors Weigh In On Preformed Line Products

Institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. grew its position 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 buying an additional 205 shares in the last quarter. Royal Bank of Canada raised its position in shares of Preformed Line Products by 132.4% during the 4th quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock worth $52,000 after buying an additional 143 shares in the last quarter. Tower Research Capital LLC TRC lifted 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 worth $48,000 after acquiring an additional 199 shares during the period. Huntington National Bank lifted its stake in shares of Preformed Line Products by 55.5% in the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock worth $64,000 after acquiring an additional 111 shares during the period. Finally, Fifth Third Bancorp bought a new position in shares of Preformed Line Products in the first quarter valued at approximately $85,000. Institutional investors and hedge funds own 41.19% of the company’s stock.

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.