Preformed Line Products Company $PLPC Shares Acquired by Wasatch Advisors LP

Wasatch Advisors LP increased its holdings in Preformed Line Products Company (NASDAQ:PLPC) by 234.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 377,367 shares of the technology company’s stock after purchasing an additional 264,478 shares during the quarter. Wasatch Advisors LP owned about 0.08% of Preformed Line Products worth $154,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in PLPC. Russell Investments Group Ltd. boosted its position in Preformed Line Products by 2,562.5% during the 3rd 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 stake 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 worth $48,000 after purchasing an additional 199 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Preformed Line Products by 132.4% during the fourth quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock valued at $52,000 after purchasing an additional 143 shares during the period. State of Wyoming acquired a new position in shares of Preformed Line Products during the second quarter valued at $63,000. Finally, Huntington National Bank raised its stake in shares of Preformed Line Products by 55.5% during the fourth quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after purchasing an additional 111 shares in the last quarter. 41.19% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Glen E. Corlett sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 33.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PLPC. Weiss Ratings raised shares of Preformed Line Products from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Freedom Capital upgraded shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, Preformed Line Products currently has a consensus rating of “Strong Buy” and an average price target of $275.00.

Preformed Line Products Stock Up 3.9%

Shares of PLPC stock opened at $480.77 on Wednesday. Preformed Line Products Company has a 1 year low of $161.87 and a 1 year high of $497.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.88 and a current ratio of 2.99. The business’s fifty day moving average is $370.66 and its 200-day moving average is $322.70. The stock has a market cap of $2.35 billion, a PE ratio of 54.14 and a beta of 0.91.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly earnings data on Wednesday, July 29th. The technology company reported $4.49 earnings per share 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 business had revenue of $212.68 million during the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Preformed Line Products’s dividend payout ratio is presently 9.46%.

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.