GSA Capital Partners LLP Takes Position in Preformed Line Products Company $PLPC

GSA Capital Partners LLP purchased a new stake in shares of Preformed Line Products Company (NASDAQ:PLPC) in the second quarter, Holdings Channel reports. The firm purchased 2,127 shares of the technology company’s stock, valued at approximately $873,000.

A number of other hedge funds have also bought and sold shares of the business. Russell Investments Group Ltd. grew its stake in Preformed Line Products by 22.1% in the 4th quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock valued at $54,000 after purchasing an additional 47 shares during the period. Pullen Investment Management LLC grew its position in Preformed Line Products by 1.4% during the first quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock valued at $1,866,000 after buying an additional 92 shares during the period. Bank of America Corp DE grew its position 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 buying an additional 100 shares during the period. Huntington National Bank increased 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 worth $64,000 after buying an additional 111 shares during the last quarter. Finally, Quantinno Capital Management LP increased 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 worth $611,000 after buying an additional 128 shares during the last quarter. 41.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PLPC. Weiss Ratings upgraded shares of Preformed Line Products from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Freedom Capital raised shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, Preformed Line Products has a consensus rating of “Strong Buy” and an average target price of $275.00.

Preformed Line Products Stock Down 6.4%

Shares of NASDAQ:PLPC opened at $444.76 on Wednesday. The firm has a fifty day moving average price of $379.44 and a two-hundred day moving average price of $330.32. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 50.09 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 1.88. Preformed Line Products Company has a one year low of $177.18 and a one year high of $504.69.

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

Preformed Line Products Announces Dividend

The firm 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 Buying and Selling at Preformed Line Products

In other Preformed Line Products news, Director Glen E. Corlett sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 33.00% of the stock is currently owned by insiders.

Preformed Line Products Profile

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.