Preformed Line Products (NASDAQ:PLPC) Sets New 12-Month High – Time to Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $500.92 and last traded at $498.1950, with a volume of 4353 shares trading hands. The stock had previously closed at $480.77.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PLPC. Weiss Ratings raised shares of Preformed Line Products from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, August 7th. Freedom Capital raised shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and an average target price of $275.00.

Preformed Line Products Trading Down 4.4%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.88 and a current ratio of 2.99. The stock has a market capitalization of $2.19 billion, a P/E ratio of 50.38 and a beta of 0.91. The stock has a 50-day moving average price of $373.87 and a two-hundred day moving average price of $325.71.

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

Preformed Line Products Announces Dividend

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

Insider Buying and Selling

In other news, Director Glen E. Corlett sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 33.00% of the company’s stock.

Hedge Funds Weigh In On Preformed Line Products

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in Preformed Line Products by 22.1% in the fourth quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock worth $54,000 after buying an additional 47 shares during the period. Pullen Investment Management LLC boosted its position in Preformed Line Products by 1.4% during the 1st quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock valued at $1,866,000 after acquiring an additional 92 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Preformed Line Products by 6.6% during the 2nd quarter. Bank of America Corp DE now owns 1,609 shares of the technology company’s stock worth $257,000 after acquiring an additional 100 shares during the period. Huntington National Bank grew its holdings in shares of Preformed Line Products by 55.5% during the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock worth $64,000 after acquiring an additional 111 shares during the period. Finally, Quantinno Capital Management LP raised its position in shares of Preformed Line Products by 3.5% in the 2nd quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock worth $611,000 after acquiring an additional 128 shares in the last quarter. Hedge funds and other institutional investors 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.