Preformed Line Products Company $PLPC Shares Purchased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC boosted its holdings in Preformed Line Products Company (NASDAQ:PLPC) by 38.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,479 shares of the technology company’s stock after buying an additional 1,795 shares during the period. Preformed Line Products makes up about 1.8% of SummerHaven Investment Management LLC’s investment portfolio, making the stock its 6th largest position. SummerHaven Investment Management LLC owned about 0.13% of Preformed Line Products worth $2,638,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Nykredit A S bought a new stake in shares of Preformed Line Products in the second quarter valued at approximately $30,000. Avalon Trust Co acquired a new stake in shares of Preformed Line Products in the second quarter worth $82,000. Fifth Third Bancorp bought a new position in Preformed Line Products during the first quarter worth $85,000. State of Wyoming bought a new position in Preformed Line Products during the second quarter worth $165,000. Finally, Odyssean LLC bought a new position in Preformed Line Products during the second quarter worth $216,000. 41.19% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Glen E. Corlett sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 33.00% of the company’s stock.

Preformed Line Products Trading Down 4.5%

Shares of PLPC opened at $352.91 on Friday. Preformed Line Products Company has a 12-month low of $184.02 and a 12-month high of $504.69. The company has a quick ratio of 1.88, a current ratio of 2.99 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 39.74 and a beta of 0.90. The stock’s 50-day moving average price is $414.48 and its 200 day moving average price is $373.01.

Preformed Line Products (NASDAQ:PLPC) last posted its quarterly earnings results on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, beating the consensus estimate of $2.41 by $2.08. Preformed Line Products had a return on equity of 10.64% and a net margin of 5.82%. The firm had revenue of $212.68 million during the quarter, compared to analysts’ expectations of $193.00 million.

Preformed Line Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, October 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 9.46%.

Analysts Set New Price Targets

PLPC has been the subject of several research analyst reports. Freedom Capital upgraded shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Preformed Line Products from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Wall Street Zen upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat, Preformed Line Products has a consensus rating of “Strong Buy” and an average price target of $275.00.

About Preformed Line Products

Preformed Line Products Company (NASDAQ: PLPC) designs and manufactures products and systems used to build, maintain and protect overhead and underground networks. Its customers include electric utilities, telecommunications providers, broadband operators, cable television companies and other infrastructure contractors.

The company’s product portfolio includes formed-wire products for transmission and distribution lines, such as dead-end fittings, splices, suspension hardware, armor rods and vibration-control equipment.