Preformed Line Products (NASDAQ:PLPC) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Preformed Line Products (NASDAQ:PLPC) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the company. Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Preformed Line Products in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Preformed Line Products has an average rating of “Buy” and an average target price of $275.00.

Preformed Line Products Stock Down 2.2%

Shares of NASDAQ:PLPC opened at $460.75 on Tuesday. Preformed Line Products has a 1 year low of $153.22 and a 1 year high of $497.00. The business has a 50 day simple moving average of $365.13 and a two-hundred day simple moving average of $317.91. The firm 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 released its earnings results on Wednesday, July 29th. The technology company reported $4.49 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 firm had revenue of $212.68 million for the quarter, compared to analysts’ expectations of $193.00 million.

Preformed Line Products Announces Dividend

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

Insider Activity at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 33.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PLPC. Russell Investments Group Ltd. increased its holdings in Preformed Line Products by 2,562.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock worth $42,000 after purchasing an additional 205 shares during the period. Tower Research Capital LLC TRC lifted its holdings 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 buying an additional 199 shares during the period. Royal Bank of Canada lifted its holdings in shares of Preformed Line Products by 132.4% in 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 during the period. State of Wyoming bought a new position in shares of Preformed Line Products during the 2nd quarter worth $63,000. Finally, Huntington National Bank grew its position in shares of Preformed Line Products by 55.5% during the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock worth $64,000 after buying an additional 111 shares in the last quarter. 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.