Preformed Line Products (NASDAQ:PLPC) Stock Price Down 6.1% – Time to Sell?

Preformed Line Products Company (NASDAQ:PLPC)’s share price was down 6.1% during trading on Wednesday . The company traded as low as $257.71 and last traded at $256.58. Approximately 75,651 shares were traded during trading, a decline of 34% from the average daily volume of 114,110 shares. The stock had previously closed at $273.24.

Analyst Upgrades and Downgrades

PLPC has been the topic of several recent research reports. Wall Street Zen cut Preformed Line Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Preformed Line Products in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Preformed Line Products presently has a consensus rating of “Buy”.

Preformed Line Products Price Performance

The firm has a market capitalization of $1.24 billion, a P/E ratio of 33.38 and a beta of 0.77. 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 firm has a 50 day moving average price of $240.12 and a 200-day moving average price of $214.30.

Preformed Line Products Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 20th. Shareholders of record on Monday, January 5th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend 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 annualized dividend and a yield of 0.3%. Preformed Line Products’s payout ratio is presently 11.13%.

Hedge Funds Weigh In On Preformed Line Products

Hedge funds have recently added to or reduced their stakes in the company. Montag A & Associates Inc. purchased a new stake in Preformed Line Products in the 3rd quarter worth about $29,000. Huntington National Bank grew its stake in shares of Preformed Line Products by 181.7% during the third quarter. Huntington National Bank now owns 200 shares of the technology company’s stock valued at $39,000 after buying an additional 129 shares during the last quarter. Russell Investments Group Ltd. raised 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. Royal Bank of Canada raised its holdings in shares of Preformed Line Products by 132.4% in the fourth quarter. Royal Bank of Canada now owns 251 shares of the technology company’s stock worth $52,000 after buying an additional 143 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Preformed Line Products during the 3rd quarter worth approximately $51,000. 41.19% of the stock is currently owned by institutional investors.

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.