Preformed Line Products (NASDAQ:PLPC) Director Sells $914,040.00 in Stock

Preformed Line Products Company (NASDAQ:PLPC) Director Glen Corlett sold 2,000 shares of Preformed Line Products stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Preformed Line Products Stock Performance

NASDAQ PLPC opened at $466.82 on Friday. The business’s 50 day moving average price is $367.07 and its 200-day moving average price is $318.95. Preformed Line Products Company has a fifty-two week low of $155.64 and a fifty-two week high of $497.00. The company has a market cap of $2.28 billion, a P/E ratio of 52.57 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 2.99.

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

Preformed Line Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s dividend payout ratio (DPR) is 9.46%.

Institutional Trading of Preformed Line Products

Several institutional investors and hedge funds have recently made changes to their positions in PLPC. Wasatch Advisors LP increased its stake in 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 buying an additional 264,478 shares during the period. BlackRock Inc. bought a new position in Preformed Line Products in the 2nd quarter worth about $93,241,000. HighTower Advisors LLC grew its stake in Preformed Line Products by 11.6% in 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. Informed Momentum Co LLC purchased a new position in shares of Preformed Line Products during the fourth quarter worth approximately $4,640,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Preformed Line Products by 81.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock worth $8,378,000 after acquiring an additional 19,216 shares during the period. 41.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PLPC shares. Freedom Capital upgraded shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Wall Street Zen raised shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $275.00.

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.