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

Preformed Line Products (NASDAQ:PLPC) announced its quarterly 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. The company had revenue of $212.68 million during the quarter, compared to analyst estimates of $193.00 million. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.

Preformed Line Products Trading Down 4.6%

Shares of Preformed Line Products stock traded down $13.60 during trading on Wednesday, hitting $283.51. The stock had a trading volume of 175,579 shares, compared to its average volume of 126,379. Preformed Line Products has a 12 month low of $139.53 and a 12 month high of $414.35. 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 firm’s fifty day simple moving average is $361.23 and its 200-day simple moving average is $310.63. The stock has a market cap of $1.39 billion, a PE ratio of 40.79 and a beta of 0.88.

Preformed Line Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s dividend payout ratio (DPR) is 12.09%.

Analysts Set New Price Targets

A number of analysts have issued reports on PLPC shares. Wall Street Zen raised Preformed Line Products from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Freedom Capital downgraded Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Preformed Line Products in a report on Friday. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $275.00.

Hedge Funds Weigh In On Preformed Line Products

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

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.