Preformed Line Products (NASDAQ:PLPC) Director Glen Corlett Sells 2,000 Shares of Stock

Preformed Line Products Company (NASDAQ:PLPC) Director Glen Corlett sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Preformed Line Products Stock Performance

PLPC traded down $10.54 on Thursday, hitting $460.75. 184,001 shares of the stock traded hands, compared to its average volume of 127,155. The firm has a market capitalization of $2.25 billion, a PE ratio of 51.89 and a beta of 0.91. The company has a current ratio of 2.99, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07. The business has a fifty day moving average price of $363.45 and a two-hundred day moving average price of $316.41. Preformed Line Products Company has a 52 week low of $153.22 and a 52 week high of $497.00.

Preformed Line Products (NASDAQ:PLPC) last released its quarterly earnings results on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $2.08. The firm had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.64%.

Preformed Line Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Wednesday, July 1st were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products’s dividend payout ratio (DPR) is currently 9.46%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLPC. Wall Street Zen upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Preformed Line Products in a research report on Friday, July 24th. Finally, Freedom Capital cut Preformed Line Products from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $275.00.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC boosted its stake in shares of Preformed Line Products by 11.6% during the 4th quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after buying an additional 100,113 shares during the last quarter. Wasatch Advisors LP increased its position in shares of Preformed Line Products by 234.3% in the second quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock valued at $154,932,000 after acquiring an additional 264,478 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Preformed Line Products by 1.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company’s stock worth $42,665,000 after acquiring an additional 2,768 shares in the last quarter. Vanguard Group Inc. boosted its position in Preformed Line Products by 4.8% during the third quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company’s stock valued at $31,810,000 after purchasing an additional 7,426 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Preformed Line Products by 25.7% during the fourth quarter. Invesco Ltd. now owns 79,299 shares of the technology company’s stock valued at $16,392,000 after purchasing an additional 16,223 shares during the last quarter. Institutional investors 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.