Preformed Line Products (NASDAQ:PLPC) Shares Gap Down – Here’s What Happened

Preformed Line Products Company (NASDAQ:PLPC) shares gapped down before the market opened on Monday . The stock had previously closed at $250.43, but opened at $238.08. Preformed Line Products shares last traded at $240.35, with a volume of 4,021 shares.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen cut shares of Preformed Line Products from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Preformed Line Products in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy”.

Preformed Line Products Stock Up 2.9%

The stock has a market cap of $1.22 billion, a P/E ratio of 32.86 and a beta of 0.78. The company has a current ratio of 3.09, a quick ratio of 1.84 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average is $222.67 and its 200-day moving average is $202.06.

Preformed Line Products (NASDAQ:PLPC) last issued its quarterly earnings results on Wednesday, October 29th. The technology company reported $2.09 EPS for the quarter. Preformed Line Products had a net margin of 5.62% and a return on equity of 10.09%. The firm had revenue of $178.09 million for the quarter.

Preformed Line Products Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 20th. Investors of record on Monday, January 5th were issued a dividend of $0.21 per share. The ex-dividend date was Monday, January 5th. This is a positive change from Preformed Line Products’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Preformed Line Products’s payout ratio is 11.13%.

Institutional Investors Weigh In On Preformed Line Products

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

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.