California State Teachers Retirement System increased its position in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 19.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,057 shares of the technology company's stock after buying an additional 502 shares during the period. California State Teachers Retirement System owned about 0.06% of Preformed Line Products worth $1,255,082 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Robotti Robert acquired a new stake in shares of Preformed Line Products during the 2nd quarter worth about $2,437,000. Quantinno Capital Management LP grew its stake in Preformed Line Products by 65.7% in the first quarter. Quantinno Capital Management LP now owns 7,748 shares of the technology company's stock valued at $2,098,000 after acquiring an additional 3,072 shares during the period. Wasatch Advisors LP increased its position in Preformed Line Products by 234.3% in the second quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company's stock worth $154,932,000 after buying an additional 264,478 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Preformed Line Products during the 2nd quarter worth $1,251,000. Finally, Ranger Investment Management L.P. purchased a new position in shares of Preformed Line Products during the first quarter valued at about $5,069,000. 41.19% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts recently issued reports on PLPC shares. Wall Street Zen upgraded Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Freedom Capital upgraded shares of Preformed Line Products from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and an average target price of $275.00.
Read Our Latest Stock Report on Preformed Line Products
Insider Transactions at Preformed Line Products
In related news, Director Glen E. Corlett sold 2,000 shares of the stock in a transaction on 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 filing with the SEC, which is available through the SEC website. Corporate insiders own 33.00% of the company's stock.
Preformed Line Products Stock Performance
NASDAQ PLPC traded up $2.00 during trading on Tuesday, reaching $400.24. The company's stock had a trading volume of 33,834 shares, compared to its average volume of 120,302. The company has a current ratio of 2.99, a quick ratio of 1.88 and a debt-to-equity ratio of 0.07. Preformed Line Products Company has a 12 month low of $184.02 and a 12 month high of $504.69. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 45.07 and a beta of 0.93. The firm has a 50 day moving average price of $389.15 and a 200 day moving average price of $349.31.
Preformed Line Products (NASDAQ:PLPC - Get Free Report) last released 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 net margin of 5.82% and a return on equity of 10.64%. The business had revenue of $212.68 million for the quarter, compared to analysts' expectations of $193.00 million.
About Preformed Line Products
(
Free Report)
Preformed Line Products Company NASDAQ: PLPC manufactures products and systems used to construct, maintain and improve overhead and underground networks. Its customers include electric utilities, telecommunications providers, cable operators and other infrastructure companies.
The company's offerings include products for transmission and distribution lines, substation and utility applications, communications networks, broadband and data infrastructure, and renewable-energy installations.
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