B. Metzler seel. Sohn & Co. AG Acquires New Holdings in Preformed Line Products Company $PLPC

Key Points

• B. Metzler seel. Sohn & Co. AG acquired 8,083 PLPC shares worth approximately $3.3 million, giving it a 0.17% stake. Institutional investors collectively own 41.19% of the company, while several other funds—including Wasatch Advisors and BlackRock—also increased or initiated positions.
• Preformed Line Products reported quarterly EPS of $4.49, beating the $2.41 consensus estimate, while revenue of $212.68 million exceeded expectations. The stock opened at $429.30, with a market capitalization of about $2.1 billion and a 52-week range of $184.02 to $504.69.
• Director Glen E. Corlett sold 2,000 shares for approximately $914,040. Meanwhile, multiple brokerages upgraded PLPC, resulting in an overall “Strong Buy” rating, though the reported average price target of $275 is below the current share price.

B. Metzler seel. Sohn & Co. AG bought a new stake in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,083 shares of the technology company's stock, valued at approximately $3,319,000. B. Metzler seel. Sohn & Co. AG owned about 0.17% of Preformed Line Products at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC increased its holdings in Preformed Line Products by 11.6% during the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company's stock valued at $199,720,000 after buying an additional 100,113 shares during the last quarter. Wasatch Advisors LP boosted its stake in shares of Preformed Line Products by 234.3% during the 2nd quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company's stock worth $154,932,000 after acquiring an additional 264,478 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Preformed Line Products during the 2nd quarter valued at $93,241,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Preformed Line Products by 1.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company's stock valued at $42,665,000 after acquiring an additional 2,768 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Preformed Line Products by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company's stock worth $31,810,000 after purchasing an additional 7,426 shares in the last quarter. 41.19% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Preformed Line Products news, Director Glen E. Corlett sold 2,000 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total value of $914,040.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 33.00% of the stock is currently owned by insiders.

Preformed Line Products Stock Up 1.9%

NASDAQ PLPC opened at $429.30 on Friday. Preformed Line Products Company has a 12 month low of $184.02 and a 12 month high of $504.69. The company has a current ratio of 2.99, a quick ratio of 1.88 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.10 billion, a PE ratio of 48.34 and a beta of 0.91. The stock's 50 day moving average is $383.07 and its 200 day moving average is $333.44.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The technology company reported $4.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.41 by $2.08. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.64%. The business had revenue of $212.68 million during the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have commented on PLPC. Freedom Capital upgraded Preformed Line Products from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average price target of $275.00.

Preformed Line Products 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.

Want to see what other hedge funds are holding PLPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Preformed Line Products Company (NASDAQ:PLPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source