Preformed Line Products (NASDAQ:PLPC) Shares Down 9% – What’s Next?

Shares of Preformed Line Products Company (NASDAQ:PLPC) were down 9% during mid-day trading on Tuesday . The stock traded as low as $327.72 and last traded at $334.77. 65,404 shares traded hands during trading, a decline of 50% from the average session volume of 130,991 shares. The stock had previously closed at $367.78.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PLPC shares. Wall Street Zen raised shares of Preformed Line Products from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Weiss Ratings downgraded shares of Preformed Line Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 29th. Finally, Loop Capital set a $275.00 price objective on Preformed Line Products in a research note on Monday, March 9th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $275.00.

Preformed Line Products Stock Performance

The firm’s 50 day simple moving average is $367.13 and its 200 day simple moving average is $297.83. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 46.58 and a beta of 0.88. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 3.01.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly earnings results on Wednesday, April 29th. The technology company reported $2.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.32. Preformed Line Products had a net margin of 4.92% and a return on equity of 8.96%. The firm had revenue of $176.28 million for the quarter, compared to the consensus estimate of $178.00 million.

Preformed Line Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Wednesday, July 1st. Preformed Line Products’s dividend payout ratio (DPR) is currently 12.09%.

Institutional Investors Weigh In On Preformed Line Products

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its position in 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 valued at $42,000 after buying an additional 205 shares during the last quarter. 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 acquiring an additional 199 shares in the last quarter. Royal Bank of Canada raised its position in Preformed Line Products by 132.4% in the 4th 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 in the last quarter. State of Wyoming acquired a new stake in Preformed Line Products in the second quarter valued at approximately $63,000. Finally, Huntington National Bank lifted its position in shares of Preformed Line Products by 55.5% during the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock worth $64,000 after purchasing an additional 111 shares during the last quarter. 41.19% of the stock is currently 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.