Preformed Line Products (NASDAQ:PLPC) Stock Price Down 9% – Time to Sell?

Shares of Preformed Line Products Company (NASDAQ:PLPC) fell 9% during mid-day trading on Tuesday . The stock traded as low as $327.72 and last traded at $334.77. Approximately 65,404 shares changed hands during trading, a decline of 50% from the average daily volume of 130,991 shares. The stock had previously closed at $367.78.

Wall Street Analysts Forecast Growth

PLPC has been the subject of a number of recent research reports. Loop Capital set a $275.00 price objective on Preformed Line Products in a research report on Monday, March 9th. Weiss Ratings cut Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, Wall Street Zen upgraded Preformed Line Products from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $275.00.

Preformed Line Products Stock Down 11.8%

The company has a current ratio of 3.01, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.59 billion, a P/E ratio of 46.58 and a beta of 0.88. The stock’s 50 day simple moving average is $367.13 and its 200 day simple moving average is $297.83.

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

Preformed Line Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.84 annualized dividend and a yield of 0.3%. Preformed Line Products’s dividend payout ratio (DPR) is presently 12.09%.

Institutional Trading of Preformed Line Products

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC boosted its stake in shares of Preformed Line Products by 11.6% during the 4th quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after acquiring an additional 100,113 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Preformed Line Products by 1.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company’s stock valued at $42,665,000 after purchasing an additional 2,768 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Preformed Line Products by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock valued at $31,810,000 after purchasing an additional 7,426 shares during the period. Wasatch Advisors LP purchased a new position in Preformed Line Products in the 1st quarter worth about $30,565,000. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its holdings in Preformed Line Products by 1.2% during 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 buying an additional 913 shares during the period. 41.19% of the stock is owned by institutional investors and hedge funds.

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.