Glen Corlett Sells 2,000 Shares of Preformed Line Products (NASDAQ:PLPC) Stock

Preformed Line Products Company (NASDAQ:PLPC) Director Glen Corlett sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Preformed Line Products Price Performance

Shares of NASDAQ PLPC opened at $466.82 on Friday. The business has a fifty day moving average price of $367.07 and a two-hundred day moving average price of $318.95. The stock has a market capitalization of $2.28 billion, a PE ratio of 52.57 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.78. Preformed Line Products Company has a fifty-two week low of $155.64 and a fifty-two week high of $497.00.

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

Preformed Line Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were issued a $0.21 dividend. 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 dividend payout ratio (DPR) is currently 9.46%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PLPC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Freedom Capital upgraded Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $275.00.

Hedge Funds Weigh In On Preformed Line Products

Institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC grew its stake in shares of Preformed Line Products by 11.6% during the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after buying an additional 100,113 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Preformed Line Products by 234.3% in the 2nd quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock valued at $154,932,000 after acquiring an additional 264,478 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Preformed Line Products during the 2nd quarter valued at $93,241,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Preformed Line Products by 1.3% during the 3rd 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 during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Preformed Line Products by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock worth $31,810,000 after purchasing an additional 7,426 shares in the last quarter. 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.