Preformed Line Products (NASDAQ:PLPC) Posts Earnings Results, Beats Estimates By $2.08 EPS

Preformed Line Products (NASDAQ:PLPC) released its earnings results on Wednesday. The technology company reported $4.49 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $2.08, FiscalAI reports. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.The company had revenue of $212.68 million during the quarter, compared to the consensus estimate of $193.00 million.

Preformed Line Products Trading Up 28.6%

NASDAQ:PLPC traded up $81.02 during mid-day trading on Thursday, reaching $364.53. The company’s stock had a trading volume of 51,828 shares, compared to its average volume of 125,808. Preformed Line Products has a twelve month low of $145.55 and a twelve month high of $414.35. The company’s fifty day simple moving average is $360.16 and its two-hundred day simple moving average is $310.98. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.01 and a quick ratio of 1.78. The stock has a market cap of $1.78 billion, a P/E ratio of 51.98 and a beta of 0.88.

Preformed Line Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 20th. Investors 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 yield of 0.2%. Preformed Line Products’s dividend payout ratio is 12.09%.

Hedge Funds Weigh In On Preformed Line Products

Hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. acquired a new position in Preformed Line Products during the second quarter valued at approximately $383,000. Hsbc Holdings PLC purchased a new position in shares of Preformed Line Products in the second quarter valued at $286,000. Arrowstreet Capital Limited Partnership increased its stake in Preformed Line Products by 45.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 23,497 shares of the technology company’s stock worth $3,755,000 after buying an additional 7,332 shares during the period. First Trust Advisors LP boosted its stake in Preformed Line Products by 7.4% during the 2nd quarter. First Trust Advisors LP now owns 24,412 shares of the technology company’s stock valued at $3,901,000 after acquiring an additional 1,689 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Preformed Line Products in the 2nd quarter valued at about $585,000. 41.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.