Preformed Line Products (NASDAQ:PLPC) Shares Gap Up Following Earnings Beat

Preformed Line Products Company (NASDAQ:PLPC) shares gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $283.51, but opened at $347.08. Preformed Line Products shares last traded at $350.1950, with a volume of 15,319 shares trading hands.

The technology company reported $4.49 earnings per share for the quarter, beating the consensus estimate of $2.41 by $2.08. Preformed Line Products had a net margin of 4.92% and a return on equity of 8.96%. The firm had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Announces Dividend

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

Analyst Upgrades and Downgrades

PLPC has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Wall Street Zen raised Preformed Line Products from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Freedom Capital downgraded Preformed Line Products from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Preformed Line Products has an average rating of “Hold” and a consensus target price of $275.00.

Institutional Trading of Preformed Line Products

Several large investors have recently made changes to their positions in PLPC. Russell Investments Group Ltd. increased its holdings in shares of Preformed Line Products by 22.1% during the 4th quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock valued at $54,000 after acquiring an additional 47 shares during the last quarter. Pullen Investment Management LLC lifted its holdings in 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. Bank of America Corp DE boosted 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 worth $257,000 after purchasing an additional 100 shares during the period. Huntington National Bank grew 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 valued at $64,000 after purchasing an additional 111 shares during the last quarter. Finally, Quantinno Capital Management LP grew 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 valued at $611,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 41.19% of the company’s stock.

Preformed Line Products Stock Performance

The company has a market cap of $1.74 billion, a P/E ratio of 50.99 and a beta of 0.88. The company has a quick ratio of 1.78, a current ratio of 3.01 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average price is $360.16 and its 200 day moving average price is $310.98.

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.