Bank of New York Mellon Corp Acquires Shares of 18,468 Preformed Line Products Company $PLPC

Key Points

• Bank of New York Mellon initiated a position in Preformed Line Products, buying 18,468 shares valued at approximately $7.6 million. Institutional investors collectively own 41.19% of the company.
• Preformed Line Products reported quarterly EPS of $4.49, surpassing the $2.41 consensus estimate, while revenue reached $212.68 million versus expectations of $193 million.
• Analyst sentiment remains positive overall, with an average rating of “Buy” and a $275 price target, although one analyst downgraded the stock to “Hold.” Shares recently traded at $392.63, and the company maintains a quarterly dividend of $0.21 per share.

Bank of New York Mellon Corp bought a new position in Preformed Line Products Company (NASDAQ:PLPC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 18,468 shares of the technology company's stock, valued at approximately $7,582,000. Bank of New York Mellon Corp owned approximately 0.38% of Preformed Line Products at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in Preformed Line Products by 2,562.5% during the third 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 during the last quarter. Tower Research Capital LLC TRC raised its stake in Preformed Line Products by 199.0% during 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 during the period. Royal Bank of Canada lifted its holdings in Preformed Line Products by 132.4% in the fourth quarter. Royal Bank of Canada now owns 251 shares of the technology company's stock worth $52,000 after acquiring an additional 143 shares during the last quarter. State of Wyoming acquired a new position in Preformed Line Products in the second quarter valued at approximately $63,000. Finally, Huntington National Bank boosted its stake in Preformed Line Products by 55.5% in the fourth quarter. Huntington National Bank now owns 311 shares of the technology company's stock valued at $64,000 after acquiring an additional 111 shares during the period. 41.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wall Street Zen raised Preformed Line Products from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. Freedom Capital raised Preformed Line Products from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings cut Preformed Line Products from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Preformed Line Products has an average rating of "Buy" and an average price target of $275.00.

Insider Transactions at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of Preformed Line Products stock in a transaction on Wednesday, August 5th. The stock was 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 the SEC website. Insiders own 33.00% of the company's stock.

Preformed Line Products Stock Up 0.6%

PLPC opened at $392.63 on Friday. The stock's 50 day moving average price is $386.45 and its 200 day moving average price is $342.24. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.88. The stock has a market cap of $1.92 billion, a P/E ratio of 44.22 and a beta of 0.93. Preformed Line Products Company has a 12 month low of $184.02 and a 12 month high of $504.69.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last issued 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 company had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million. Preformed Line Products had a return on equity of 10.64% and a net margin of 5.82%.

Preformed Line Products Announces Dividend

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

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.

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