Wasatch Advisors LP Acquires New Stake in Preformed Line Products Company $PLPC

Wasatch Advisors LP acquired a new stake in shares of Preformed Line Products Company (NASDAQ:PLPC) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 112,889 shares of the technology company’s stock, valued at approximately $30,565,000. Wasatch Advisors LP owned about 2.30% of Preformed Line Products at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ritholtz Wealth Management increased its holdings in shares of Preformed Line Products by 11.2% during the first quarter. Ritholtz Wealth Management now owns 9,389 shares of the technology company’s stock valued at $2,542,000 after acquiring an additional 943 shares in the last quarter. Pullen Investment Management LLC boosted its stake in Preformed Line Products by 1.4% in the 1st quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company’s stock worth $1,866,000 after purchasing an additional 92 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Preformed Line Products by 1,929.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 548 shares of the technology company’s stock worth $113,000 after purchasing an additional 521 shares in the last quarter. Virtu Financial LLC purchased a new stake in Preformed Line Products during the 4th quarter valued at about $421,000. Finally, Invesco Ltd. grew its position in Preformed Line Products by 25.7% during the 4th quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock valued at $16,392,000 after purchasing an additional 16,223 shares during the last quarter. 41.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Preformed Line Products Trading Down 2.3%

Preformed Line Products stock opened at $395.66 on Friday. 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 Company has a one year low of $139.04 and a one year high of $407.25. The stock has a market capitalization of $1.93 billion, a PE ratio of 56.93 and a beta of 0.90. The business’s fifty day moving average is $359.20 and its 200 day moving average is $290.71.

Preformed Line Products (NASDAQ:PLPC) last released its quarterly earnings data on Wednesday, April 29th. The technology company reported $2.14 EPS for the quarter, topping the consensus estimate of $1.82 by $0.32. The company had revenue of $176.28 million during the quarter, compared to the consensus estimate of $178.00 million. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.

Preformed Line Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st will be paid a $0.21 dividend. The ex-dividend date 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 payout ratio is currently 12.09%.

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.