PNC Financial Services Group Inc. Has $7.20 Million Stock Position in Preformed Line Products Company $PLPC

PNC Financial Services Group Inc. lessened its stake in shares of Preformed Line Products Company (NASDAQ:PLPC) by 15.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 26,582 shares of the technology company’s stock after selling 4,928 shares during the period. PNC Financial Services Group Inc.’s holdings in Preformed Line Products were worth $7,197,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PLPC. HighTower Advisors LLC grew its position in Preformed Line Products by 11.6% during 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 during the last quarter. UBS Group AG boosted its stake in shares of Preformed Line Products by 199.2% during the fourth quarter. UBS Group AG now owns 22,629 shares of the technology company’s stock valued at $4,678,000 after purchasing an additional 15,067 shares in the last quarter. Round Rock Advisors LLC grew its holdings in shares of Preformed Line Products by 66.0% during the fourth quarter. Round Rock Advisors LLC now owns 7,805 shares of the technology company’s stock worth $1,613,000 after purchasing an additional 3,102 shares during the last quarter. Riverwater Partners LLC grew its holdings in shares of Preformed Line Products by 73.0% during the fourth quarter. Riverwater Partners LLC now owns 5,544 shares of the technology company’s stock worth $1,146,000 after purchasing an additional 2,340 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Preformed Line Products in the first quarter valued at approximately $527,000. 41.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PLPC shares. Weiss Ratings lowered shares of Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of Preformed Line Products from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $275.00.

Preformed Line Products Price Performance

Preformed Line Products stock opened at $311.22 on Monday. The stock’s 50 day moving average is $362.35 and its 200 day moving average is $309.62. Preformed Line Products Company has a one year low of $139.04 and a one year high of $414.35. The firm has a market cap of $1.52 billion, a P/E ratio of 44.78 and a beta of 0.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.01 and a quick ratio of 1.78.

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

Preformed Line Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Preformed Line Products’s dividend payout ratio is 12.09%.

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.