Preformed Line Products (NASDAQ:PLPC) Shares Up 16.4% – Time to Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s share price shot up 16.4% on Tuesday . The company traded as high as $396.46 and last traded at $416.8690. Approximately 56,966 shares were traded during mid-day trading, a decline of 55% from the average session volume of 126,171 shares. The stock had previously closed at $358.15.

Wall Street Analyst Weigh In

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

Preformed Line Products Price Performance

The stock has a market cap of $2.07 billion, a PE ratio of 47.70 and a beta of 0.91. The stock’s fifty day moving average is $360.69 and its 200-day moving average is $313.56. 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 (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, beating the consensus estimate of $2.41 by $2.08. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%. The firm had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Shareholders 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 yield of 0.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Preformed Line Products’s payout ratio is 9.46%.

Institutional Trading of Preformed Line Products

Several institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC boosted its stake in Preformed Line Products by 11.6% during the 4th 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. Wasatch Advisors LP increased its stake in Preformed Line Products by 234.3% in the second quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock valued at $154,932,000 after purchasing an additional 264,478 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Preformed Line Products by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company’s stock valued at $42,665,000 after buying an additional 2,768 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Preformed Line Products by 4.8% in the third quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock valued at $31,810,000 after buying an additional 7,426 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Preformed Line Products by 25.7% during the fourth quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock worth $16,392,000 after buying an additional 16,223 shares during the period. 41.19% of the stock is owned by hedge funds and other institutional investors.

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.