Preformed Line Products (NASDAQ:PLPC) Hits New 1-Year High – Should You Buy?

Preformed Line Products Company (NASDAQ:PLPC) shares hit a new 52-week high on Tuesday . The company traded as high as $408.42 and last traded at $410.8820, with a volume of 69567 shares. The stock had previously closed at $404.71.

Wall Street Analyst Weigh In

PLPC has been the subject of several recent research reports. Loop Capital set a $275.00 target price on shares of Preformed Line Products in a report on Monday, March 9th. Freedom Capital cut Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Weiss Ratings cut Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen upgraded Preformed Line Products from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Preformed Line Products presently has a consensus rating of “Hold” and a consensus price target of $275.00.

Preformed Line Products Trading Up 1.4%

The firm’s 50 day moving average price is $361.32 and its 200-day moving average price is $292.47. The stock has a market cap of $2.01 billion, a P/E ratio of 59.07 and a beta of 0.90. 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 announced its quarterly earnings results on Wednesday, April 29th. The technology company reported $2.14 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $176.28 million during the quarter, compared to the consensus estimate of $178.00 million.

Preformed Line Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.2%. Preformed Line Products’s dividend payout ratio (DPR) is presently 12.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Montag A & Associates Inc. bought a new stake in Preformed Line Products in the 3rd quarter worth about $29,000. Huntington National Bank grew its position in Preformed Line Products by 181.7% in the 3rd quarter. Huntington National Bank now owns 200 shares of the technology company’s stock worth $39,000 after purchasing an additional 129 shares during the period. Russell Investments Group Ltd. raised its stake in Preformed Line Products by 2,562.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock valued at $42,000 after buying an additional 205 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Preformed Line Products by 199.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock valued at $48,000 after buying an additional 199 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of Preformed Line Products by 132.4% in the 4th quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock worth $52,000 after buying an additional 143 shares during the last quarter. 41.19% of the stock is owned by institutional investors.

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.