Preformed Line Products (PLPC) Downgraded to Hold at BidaskClub

BidaskClub lowered shares of Preformed Line Products (NASDAQ:PLPC) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

PLPC opened at $61.90 on Friday. The firm has a market capitalization of $312.69, a PE ratio of 24.96 and a beta of 1.30. Preformed Line Products has a 12-month low of $44.80 and a 12-month high of $85.63. The company has a quick ratio of 2.06, a current ratio of 3.30 and a debt-to-equity ratio of 0.15.

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Preformed Line Products (NASDAQ:PLPC) last released its earnings results on Friday, March 9th. The technology company reported $0.14 earnings per share (EPS) for the quarter. The company had revenue of $96.89 million during the quarter. Preformed Line Products had a return on equity of 5.33% and a net margin of 3.35%.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Monday, April 2nd will be issued a $0.20 dividend. The ex-dividend date is Thursday, March 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%.

Preformed Line Products announced that its board has initiated a share buyback plan on Thursday, December 14th that allows the company to repurchase 250,000 shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLPC. SG Americas Securities LLC purchased a new stake in shares of Preformed Line Products in the fourth quarter valued at $157,000. The Manufacturers Life Insurance Company raised its holdings in shares of Preformed Line Products by 73.4% during the second quarter. The Manufacturers Life Insurance Company now owns 3,494 shares of the technology company’s stock worth $162,000 after acquiring an additional 1,479 shares in the last quarter. First Quadrant L P CA purchased a new stake in shares of Preformed Line Products during the fourth quarter worth $173,000. Martingale Asset Management L P purchased a new stake in shares of Preformed Line Products during the fourth quarter worth $228,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Preformed Line Products by 51.7% during the third quarter. Wells Fargo & Company MN now owns 3,634 shares of the technology company’s stock worth $245,000 after acquiring an additional 1,238 shares in the last quarter. Institutional investors own 45.28% of the company’s stock.

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Preformed Line Products Company Profile

Preformed Line Products Company, together with its subsidiaries, designs and manufactures products and systems used in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operator, information, and other industries. The company offers formed wire and related hardware products to support, protect, terminate, and secure power conductor and communication cables, as well as to control cable dynamics; and hardware products to support and protect transmission conductors, spacers, spacer-dampers, stockbridge dampers, corona suppression devices, and various compression fittings for dead-end applications.

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