Renaissance Technologies LLC Sells 13,158 Shares of Preformed Line Products Company $PLPC

Renaissance Technologies LLC trimmed its stake in Preformed Line Products Company (NASDAQ:PLPC) by 30.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,658 shares of the technology company’s stock after selling 13,158 shares during the period. Renaissance Technologies LLC’s holdings in Preformed Line Products were worth $8,030,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in PLPC. HighTower Advisors LLC increased its position 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 acquiring an additional 100,113 shares during the period. Round Rock Advisors LLC boosted its stake in shares of Preformed Line Products by 66.0% during the fourth quarter. Round Rock Advisors LLC now owns 7,805 shares of the technology company’s stock valued at $1,613,000 after purchasing an additional 3,102 shares in the last quarter. UBS Group AG increased its holdings in Preformed Line Products by 199.2% during the fourth quarter. UBS Group AG now owns 22,629 shares of the technology company’s stock valued at $4,678,000 after buying an additional 15,067 shares during the period. Riverwater Partners LLC raised its stake in Preformed Line Products by 73.0% in the fourth quarter. Riverwater Partners LLC now owns 5,544 shares of the technology company’s stock worth $1,146,000 after buying an additional 2,340 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Preformed Line Products by 28.9% in the first quarter. First Trust Advisors LP now owns 21,144 shares of the technology company’s stock worth $5,725,000 after buying an additional 4,745 shares in the last quarter. 41.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wall Street Zen raised Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Freedom Capital cut Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $275.00.

Preformed Line Products Stock Performance

PLPC opened at $358.15 on Tuesday. The company has a market cap of $1.75 billion, a P/E ratio of 40.33 and a beta of 0.91. The company has a quick ratio of 1.78, a current ratio of 3.01 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average price is $360.69 and its 200-day moving average price is $313.56. Preformed Line Products Company has a 52-week low of $148.04 and a 52-week high of $414.35.

Preformed Line Products (NASDAQ:PLPC) last released its earnings results on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $2.08. The company had revenue of $212.68 million during the quarter, compared to analysts’ expectations of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%.

Preformed Line Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s payout ratio is presently 9.46%.

Preformed Line Products 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.