Preformed Line Products (NASDAQ:PLPC) Sets New 52-Week High – Still a Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $373.85 and last traded at $365.22, with a volume of 13335 shares changing hands. The stock had previously closed at $357.82.

Analyst Upgrades and Downgrades

PLPC has been the topic of a number of research reports. Weiss Ratings cut Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 29th. Freedom Capital cut Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Wall Street Zen cut Preformed Line Products from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Loop Capital set a $275.00 price objective on Preformed Line Products in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $275.00.

Preformed Line Products Stock Performance

The company has a 50-day moving average price of $318.55 and a two-hundred day moving average price of $264.20. The stock has a market capitalization of $1.84 billion, a P/E ratio of 54.24 and a beta of 0.88. The company has a quick ratio of 1.78, a current ratio of 3.01 and a debt-to-equity ratio of 0.07.

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 return on equity of 8.96% and a net margin of 4.92%.The firm had revenue of $176.28 million for the quarter, compared to analysts’ expectations of $178.00 million.

Preformed Line Products Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLPC. Wasatch Advisors LP purchased a new position in shares of Preformed Line Products during the first quarter worth about $30,565,000. HighTower Advisors LLC grew its holdings 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 purchasing an additional 100,113 shares in the last quarter. Informed Momentum Co LLC purchased a new position in shares of Preformed Line Products during the fourth quarter worth about $4,640,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Preformed Line Products by 81.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock worth $8,378,000 after purchasing an additional 19,216 shares in the last quarter. Finally, Ranger Investment Management L.P. purchased a new position in shares of Preformed Line Products during the first quarter worth about $5,069,000. 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.