Congruence Capital LLC Acquires Shares of 15,414 Preformed Line Products Company $PLPC

Congruence Capital LLC acquired a new stake in shares of Preformed Line Products Company (NASDAQ:PLPC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,414 shares of the technology company’s stock, valued at approximately $3,186,000. Preformed Line Products makes up 1.2% of Congruence Capital LLC’s investment portfolio, making the stock its 26th biggest position. Congruence Capital LLC owned 0.31% of Preformed Line Products as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in Preformed Line Products by 6.6% during the second quarter. Bank of America Corp DE now owns 1,609 shares of the technology company’s stock valued at $257,000 after purchasing an additional 100 shares in the last quarter. Huntington National Bank boosted its holdings in Preformed Line Products by 55.5% during the fourth quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after purchasing an additional 111 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Preformed Line Products by 3.5% during the second quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock valued at $611,000 after purchasing an additional 128 shares in the last quarter. Montag A & Associates Inc. acquired a new stake in Preformed Line Products during the third quarter valued at approximately $29,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Preformed Line Products by 199.0% during the second 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. 41.19% of the stock is owned by institutional investors and hedge funds.

Preformed Line Products Stock Down 0.3%

Shares of PLPC opened at $375.42 on Friday. The company has a market capitalization of $1.84 billion, a P/E ratio of 54.02 and a beta of 0.90. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.01 and a quick ratio of 1.78. Preformed Line Products Company has a one year low of $139.04 and a one year high of $397.34. The business’s 50 day simple moving average is $343.31 and its 200-day simple moving average is $278.28.

Preformed Line Products (NASDAQ:PLPC) last announced its earnings results on Wednesday, April 29th. The technology company reported $2.14 EPS for the quarter, topping the consensus estimate of $1.82 by $0.32. The business had revenue of $176.28 million for the quarter, compared to the consensus estimate of $178.00 million. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.

Analyst Ratings Changes

A number of research firms have weighed in on PLPC. Loop Capital set a $275.00 price objective on Preformed Line Products in a report on Monday, March 9th. Freedom Capital downgraded Preformed Line Products from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Weiss Ratings downgraded Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Finally, Wall Street Zen raised Preformed Line Products from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $275.00.

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.