Preformed Line Products (NASDAQ:PLPC) Trading Down 5.2% – Should You Sell?

Shares of Preformed Line Products Company (NASDAQ:PLPC) fell 5.2% during mid-day trading on Thursday . The company traded as low as $308.00 and last traded at $304.1920. 6,173 shares were traded during trading, a decline of 96% from the average session volume of 142,228 shares. The stock had previously closed at $320.85.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PLPC. Freedom Capital raised shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Preformed Line Products in a research report on Friday, March 27th. Loop Capital set a $275.00 target price on shares of Preformed Line Products in a research report on Monday, March 9th. Finally, Wall Street Zen lowered shares of Preformed Line Products from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Buy” and an average price target of $275.00.

Preformed Line Products Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 3.17 and a quick ratio of 1.87. The stock’s 50 day simple moving average is $272.65 and its two-hundred day simple moving average is $238.62. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 41.53 and a beta of 0.75.

Preformed Line Products (NASDAQ:PLPC) last posted its quarterly earnings results on Wednesday, March 4th. The technology company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.08. Preformed Line Products had a net margin of 5.27% and a return on equity of 9.36%. The firm had revenue of $173.11 million for the quarter, compared to the consensus estimate of $177.00 million.

Preformed Line Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 20th. Stockholders of record on Wednesday, April 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Preformed Line Products’s dividend payout ratio is presently 11.76%.

Institutional Investors Weigh In On Preformed Line Products

Several large investors have recently made changes to their positions in the company. Pullen Investment Management LLC grew its holdings in shares of Preformed Line Products by 1.4% in the 1st quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock worth $1,866,000 after purchasing an additional 92 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Preformed Line Products by 1,929.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 548 shares of the technology company’s stock worth $113,000 after purchasing an additional 521 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Preformed Line Products in the 4th quarter worth about $421,000. Invesco Ltd. grew its holdings in shares of Preformed Line Products by 25.7% in the 4th quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock worth $16,392,000 after purchasing an additional 16,223 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Preformed Line Products by 303.7% in the 4th quarter. Millennium Management LLC now owns 19,470 shares of the technology company’s stock worth $4,025,000 after purchasing an additional 14,647 shares during the last quarter. Institutional investors own 41.19% of the company’s stock.

Preformed Line Products Company 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.