Preformed Line Products (NASDAQ:PLPC) Announces Quarterly Earnings Results, Beats Expectations By $2.08 EPS

Preformed Line Products (NASDAQ:PLPC) released its quarterly earnings results on Wednesday. The technology company reported $4.49 EPS for the quarter, beating the consensus estimate of $2.41 by $2.08, FiscalAI reports. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%. The company had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Price Performance

Shares of NASDAQ PLPC traded down $3.82 during mid-day trading on Friday, reaching $364.64. The company’s stock had a trading volume of 57,640 shares, compared to its average volume of 126,146. The stock has a 50-day moving average of $360.70 and a two-hundred day moving average of $311.93. 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 stock has a market capitalization of $1.78 billion, a P/E ratio of 41.31 and a beta of 0.88. Preformed Line Products has a 1-year low of $145.55 and a 1-year high of $414.35.

Preformed Line Products Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PLPC shares. Wall Street Zen upgraded Preformed Line Products from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Preformed Line Products in a report on Friday, July 24th. Finally, Freedom Capital lowered Preformed Line Products from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $275.00.

Institutional Trading of Preformed Line Products

Several large investors have recently bought and sold shares of PLPC. Prudential Financial Inc. acquired a new position in shares of Preformed Line Products during the 2nd quarter worth approximately $383,000. Hsbc Holdings PLC purchased a new stake in Preformed Line Products in the 2nd quarter valued at $286,000. Arrowstreet Capital Limited Partnership raised its position in Preformed Line Products by 45.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 23,497 shares of the technology company’s stock valued at $3,755,000 after purchasing an additional 7,332 shares during the period. First Trust Advisors LP lifted its holdings in shares of Preformed Line Products by 7.4% in the 2nd quarter. First Trust Advisors LP now owns 24,412 shares of the technology company’s stock worth $3,901,000 after acquiring an additional 1,689 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Preformed Line Products during the second quarter worth approximately $585,000. 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.