Preformed Line Products (NASDAQ:PLPC) Shares Gap Up – Should You Buy?

Shares of Preformed Line Products Company (NASDAQ:PLPC) gapped up prior to trading on Friday . The stock had previously closed at $344.55, but opened at $362.36. Preformed Line Products shares last traded at $349.1830, with a volume of 14,869 shares.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wall Street Zen raised shares of Preformed Line Products from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Freedom Capital downgraded Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, Weiss Ratings lowered Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Preformed Line Products presently has a consensus rating of “Hold” and a consensus price target of $275.00.

Preformed Line Products Stock Performance

The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 51.75 and a beta of 0.88. The company’s 50 day simple moving average is $366.01 and its 200 day simple moving average is $300.43. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 3.01.

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

Preformed Line Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Wednesday, July 1st. Preformed Line Products’s dividend payout ratio is presently 12.09%.

Hedge Funds Weigh In On Preformed Line Products

Several hedge funds have recently made changes to their positions in the business. Wasatch Advisors LP raised its holdings in shares of Preformed Line Products by 234.3% in the 2nd quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock worth $154,932,000 after purchasing an additional 264,478 shares in the last quarter. HighTower Advisors LLC grew its position in Preformed Line Products by 11.6% in the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after buying an additional 100,113 shares during the last quarter. Informed Momentum Co LLC acquired a new position in Preformed Line Products in the fourth quarter worth approximately $4,640,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Preformed Line Products by 81.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock valued at $8,378,000 after buying an additional 19,216 shares in the last quarter. Finally, Ranger Investment Management L.P. bought a new position in shares of Preformed Line Products in the first quarter valued at $5,069,000. Institutional investors and hedge funds 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.