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

Shares of Preformed Line Products Company (NASDAQ:PLPC) rose 16.4% on Tuesday . The company traded as high as $396.46 and last traded at $416.8690. Approximately 56,966 shares traded hands during trading, a decline of 55% from the average daily volume of 126,171 shares. The stock had previously closed at $358.15.

Analysts Set New Price Targets

PLPC has been the topic of a number of recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Preformed Line Products in a research note on Friday, July 24th. Freedom Capital lowered Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, Wall Street Zen raised Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Preformed Line Products has a consensus rating of “Hold” and a consensus target price of $275.00.

Preformed Line Products Stock Performance

The firm’s fifty day simple moving average is $363.45 and its 200 day simple moving average is $316.41. The company has a market capitalization of $2.25 billion, a PE ratio of 51.89 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.78.

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

Preformed Line Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Wednesday, July 1st were issued a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.84 dividend on an annualized basis and a yield of 0.2%. Preformed Line Products’s dividend payout ratio is presently 9.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in Preformed Line Products in the 2nd quarter worth $7,582,000. State of Wyoming acquired a new position in shares of Preformed Line Products during the second quarter valued at approximately $165,000. GSA Capital Partners LLP acquired a new stake in shares of Preformed Line Products in the second quarter worth approximately $873,000. Avalon Trust Co acquired a new stake in Preformed Line Products during the 2nd quarter worth $82,000. Finally, Wasatch Advisors LP boosted its position in Preformed Line Products by 234.3% during the second quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock worth $154,932,000 after acquiring an additional 264,478 shares during the last quarter. Hedge funds and other institutional investors 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.