Preformed Line Products (NASDAQ:PLPC) Sets New 52-Week High – Still a Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $373.85 and last traded at $365.22, with a volume of 13335 shares changing hands. The stock had previously closed at $357.82.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Wall Street Zen cut shares of Preformed Line Products from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Loop Capital set a $275.00 price target on shares of Preformed Line Products in a report on Monday, March 9th. Finally, Weiss Ratings cut shares of Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Preformed Line Products presently has an average rating of “Hold” and an average target price of $275.00.

Preformed Line Products Price Performance

The stock has a 50 day moving average of $313.64 and a two-hundred day moving average of $261.83. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 3.01. The firm has a market capitalization of $1.84 billion, a P/E ratio of 54.13 and a beta of 0.88.

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

Preformed Line Products Dividend Announcement

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

Institutional Investors Weigh In On Preformed Line Products

Several institutional investors and hedge funds have recently added to or reduced their stakes in PLPC. Wasatch Advisors LP acquired a new stake in Preformed Line Products in the 1st quarter worth approximately $30,565,000. HighTower Advisors LLC grew its position in shares of Preformed Line Products by 11.6% in the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock valued at $199,720,000 after purchasing an additional 100,113 shares during the last quarter. Informed Momentum Co LLC bought a new position in shares of Preformed Line Products in the fourth quarter worth about $4,640,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Preformed Line Products by 81.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock worth $8,378,000 after purchasing an additional 19,216 shares during the last quarter. Finally, Ranger Investment Management L.P. acquired a new position in shares of Preformed Line Products during the 1st quarter worth about $5,069,000. 41.19% of the stock is currently owned by institutional investors and hedge funds.

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.