Preformed Line Products (NASDAQ:PLPC) Hits New 52-Week High – Still a Buy?

Preformed Line Products Company (NASDAQ:PLPC)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $305.90 and last traded at $304.1820, with a volume of 30073 shares. The stock had previously closed at $283.00.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PLPC shares. Loop Capital set a $275.00 target price on Preformed Line Products in a report on Monday, March 9th. Freedom Capital upgraded Preformed Line Products from a “hold” rating to a “strong-buy” rating in a report on Monday, March 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Preformed Line Products in a report on Friday, March 27th. Finally, Wall Street Zen cut Preformed Line Products from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy” and an average target price of $275.00.

Preformed Line Products Stock Performance

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.17. The stock has a fifty day simple moving average of $266.01 and a two-hundred day simple moving average of $234.14. The stock has a market cap of $1.51 billion, a PE ratio of 43.05 and a beta of 0.75.

Preformed Line Products (NASDAQ:PLPC) last released its quarterly earnings results on Wednesday, March 4th. The technology company reported $1.72 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $177.00 million.

Preformed Line Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 20th. Shareholders of record on Wednesday, April 1st will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Wednesday, April 1st. Preformed Line Products’s dividend payout ratio is presently 11.76%.

Hedge Funds Weigh In On Preformed Line Products

A number of institutional investors have recently made changes to their positions in PLPC. Montag A & Associates Inc. acquired a new position in shares of Preformed Line Products in the 3rd quarter valued at approximately $29,000. Huntington National Bank raised its position in shares of Preformed Line Products by 181.7% in the 3rd quarter. Huntington National Bank now owns 200 shares of the technology company’s stock valued at $39,000 after purchasing an additional 129 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Preformed Line Products by 2,562.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company’s stock valued at $42,000 after purchasing an additional 205 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Preformed Line Products by 199.0% in the 2nd 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 in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Preformed Line Products in the 3rd quarter valued at approximately $51,000. 41.19% of the stock is owned by institutional investors and hedge funds.

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.