Preformed Line Products (NASDAQ:PLPC) Upgraded to Strong-Buy at Freedom Capital

Preformed Line Products (NASDAQ:PLPC) was upgraded by investment analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other research analysts have also commented on the stock. Wall Street Zen raised shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Preformed Line Products in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $275.00.

Preformed Line Products Stock Performance

Preformed Line Products stock opened at $460.75 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.78. Preformed Line Products has a 12 month low of $153.22 and a 12 month high of $497.00. The company has a fifty day moving average price of $365.13 and a two-hundred day moving average price of $317.91. The company has a market cap of $2.25 billion, a PE ratio of 51.89 and a beta of 0.91.

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

Insider Activity at Preformed Line Products

In related news, Director Glen E. Corlett sold 2,000 shares of Preformed Line Products stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 33.00% of the company’s stock.

Hedge Funds Weigh In On Preformed Line Products

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ranger Investment Management L.P. bought a new position in Preformed Line Products during the first quarter valued at about $5,069,000. First Trust Advisors LP grew its holdings in Preformed Line Products by 28.9% during the first quarter. First Trust Advisors LP now owns 21,144 shares of the technology company’s stock worth $5,725,000 after acquiring an additional 4,745 shares during the period. HighTower Advisors LLC raised its position in Preformed Line Products by 11.6% in the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after acquiring an additional 100,113 shares in the last quarter. UBS Group AG raised its position in Preformed Line Products by 199.2% in the fourth quarter. UBS Group AG now owns 22,629 shares of the technology company’s stock worth $4,678,000 after acquiring an additional 15,067 shares in the last quarter. Finally, Round Rock Advisors LLC lifted its holdings in Preformed Line Products by 66.0% in the 4th quarter. Round Rock Advisors LLC now owns 7,805 shares of the technology company’s stock valued at $1,613,000 after acquiring an additional 3,102 shares during the last quarter. Institutional investors own 41.19% of the company’s stock.

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.