Preformed Line Products (NASDAQ:PLPC) Stock Price Up 8.7% After Analyst Upgrade

Preformed Line Products Company (NASDAQ:PLPC) shot up 8.7% during trading on Tuesday after Freedom Capital upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $262.84 and last traded at $264.4350. 82,616 shares were traded during trading, a decline of 31% from the average session volume of 119,061 shares. The stock had previously closed at $243.27.

Several other brokerages also recently issued reports on PLPC. Wall Street Zen downgraded shares of Preformed Line Products from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of Preformed Line Products in a research report on Monday, December 29th. Finally, Loop Capital set a $275.00 price objective on Preformed Line Products in a research report on Monday. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Strong Buy” and an average target price of $275.00.

Institutional Trading of Preformed Line Products

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Montag A & Associates Inc. bought a new position in Preformed Line Products in the 3rd quarter valued at about $29,000. Huntington National Bank lifted its position in Preformed Line Products by 181.7% during the third quarter. Huntington National Bank now owns 200 shares of the technology company’s stock worth $39,000 after acquiring an additional 129 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Preformed Line Products by 2,562.5% during the third quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock worth $42,000 after acquiring an additional 205 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Preformed Line Products by 199.0% in the second quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock valued at $48,000 after purchasing an additional 199 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Preformed Line Products in the third quarter valued at approximately $51,000. Institutional investors own 41.19% of the company’s stock.

Preformed Line Products Stock Performance

The company has a market cap of $1.29 billion, a P/E ratio of 36.53 and a beta of 0.76. The stock has a 50 day moving average price of $252.16 and a two-hundred day moving average price of $223.45. The company has a quick ratio of 1.87, a current ratio of 3.17 and a debt-to-equity ratio of 0.07.

Preformed Line Products (NASDAQ:PLPC) last released its quarterly earnings results on Wednesday, March 4th. The technology company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.08. Preformed Line Products had a return on equity of 9.36% and a net margin of 5.27%.The business had revenue of $173.11 million during the quarter, compared to the consensus estimate of $177.00 million.

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.