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

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

Wall Street Analyst Weigh In

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

Preformed Line Products Price Performance

The company has a market cap of $1.80 billion, a P/E ratio of 52.70 and a beta of 0.88. The company has a fifty day moving average price of $287.83 and a two-hundred day moving average price of $249.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.01.

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

Preformed Line Products Announces Dividend

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

Institutional Investors Weigh In On Preformed Line Products

A number of institutional investors and hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC grew its position in Preformed Line Products by 11.6% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Preformed Line Products by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company’s stock worth $42,665,000 after purchasing an additional 2,768 shares in the last quarter. Vanguard Group Inc. grew its position in Preformed Line Products by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock worth $31,810,000 after purchasing an additional 7,426 shares in the last quarter. Wasatch Advisors LP bought a new stake in Preformed Line Products in the 1st quarter worth about $30,565,000. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its position in Preformed Line Products by 1.2% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 79,731 shares of the technology company’s stock worth $15,639,000 after purchasing an additional 913 shares in the last quarter. 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.