Preformed Line Products (NASDAQ:PLPC) Upgraded to Strong-Buy at Freedom Capital

Preformed Line Products (NASDAQ:PLPC) was upgraded by investment analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other brokerages also recently commented on PLPC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Preformed Line Products in a report on Monday, December 29th. Wall Street Zen lowered shares of Preformed Line Products from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Loop Capital set a $275.00 target price on shares of Preformed Line Products in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to MarketBeat, Preformed Line Products currently has an average rating of “Strong Buy” and a consensus target price of $275.00.

Preformed Line Products Price Performance

Shares of NASDAQ PLPC opened at $265.12 on Monday. The firm has a 50-day moving average of $250.95 and a two-hundred day moving average of $223.14. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 37.13 and a beta of 0.76. The company has a current ratio of 3.17, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07. Preformed Line Products has a twelve month low of $120.45 and a twelve month high of $287.96.

Preformed Line Products (NASDAQ:PLPC) last issued its earnings results on Wednesday, March 4th. The technology company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.08. Preformed Line Products had a net margin of 5.27% and a return on equity of 9.36%. The firm had revenue of $173.11 million during the quarter, compared to analysts’ expectations of $177.00 million.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PLPC. HighTower Advisors LLC grew its holdings 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 valued at $199,720,000 after acquiring an additional 100,113 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 worth $42,665,000 after acquiring an additional 2,768 shares in the last quarter. Vanguard Group Inc. grew its stake in Preformed Line Products by 4.8% in the third 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 in the last quarter. American Century Companies Inc. increased its position in Preformed Line Products by 13.4% in the 2nd quarter. American Century Companies Inc. now owns 81,774 shares of the technology company’s stock worth $13,068,000 after purchasing an additional 9,637 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of 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 valued at $15,639,000 after buying an additional 913 shares during the last quarter. Institutional investors and hedge funds own 41.19% of the company’s stock.

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.