BlackRock Inc. Invests $93.24 Million in Preformed Line Products Company $PLPC

Key Points

• BlackRock purchased 227,108 shares of Preformed Line Products in the second quarter, building a stake valued at approximately $93.24 million, or 4.64% of the company. Institutional investors collectively own 41.19% of PLPC.
• Preformed Line Products reported quarterly earnings of $4.49 per share, exceeding the $2.41 consensus estimate, while revenue of $212.68 million surpassed expectations of $193 million.
• Analyst sentiment remains positive overall, with an average “Buy” rating and a $275 price target, though shares opened at $404.05 after recently trading down 4%; the company also pays a $0.21 quarterly dividend.

BlackRock Inc. purchased a new stake in Preformed Line Products Company (NASDAQ:PLPC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 227,108 shares of the technology company's stock, valued at approximately $93,241,000. BlackRock Inc. owned 4.64% of Preformed Line Products as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its holdings in shares of Preformed Line Products by 2,562.5% in the 3rd 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 in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of 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 valued at $48,000 after purchasing an additional 199 shares in the last quarter. Royal Bank of Canada increased its holdings in Preformed Line Products by 132.4% during the fourth quarter. Royal Bank of Canada now owns 251 shares of the technology company's stock valued at $52,000 after buying an additional 143 shares during the period. State of Wyoming bought a new position in Preformed Line Products in the second quarter worth approximately $63,000. Finally, Huntington National Bank raised 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 worth $64,000 after buying an additional 111 shares in the last quarter. 41.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Preformed Line Products Trading Down 4.0%

Shares of NASDAQ:PLPC opened at $404.05 on Friday. The business's 50-day moving average is $386.48 and its 200 day moving average is $338.47. Preformed Line Products Company has a 1 year low of $184.02 and a 1 year high of $504.69. The firm has a market capitalization of $1.98 billion, a P/E ratio of 45.50 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.88.

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

Preformed Line Products Dividend Announcement

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

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 that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total transaction of $914,040.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 33.00% of the stock is owned by company insiders.

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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