Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,523 shares of the technology company's stock, valued at approximately $2,678,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Preformed Line Products as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Quantinno Capital Management LP boosted its holdings in Preformed Line Products by 65.7% during the 1st 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. Robotti Robert bought a new stake in shares of Preformed Line Products during the second quarter valued at approximately $2,437,000. Ranger Investment Management L.P. bought a new stake in shares of Preformed Line Products during the 1st quarter valued at $5,069,000. First Trust Advisors LP grew its holdings in Preformed Line Products by 28.9% in the first quarter. First Trust Advisors LP now owns 21,144 shares of the technology company's stock worth $5,725,000 after purchasing an additional 4,745 shares during the period. Finally, Wasatch Advisors LP grew its stake in shares of Preformed Line Products by 234.3% in the 2nd 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. 41.19% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Preformed Line Products
In other Preformed Line Products news, Director Glen E. Corlett sold 2,000 shares of Preformed Line Products stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total transaction of $914,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 33.00% of the company's stock.
Preformed Line Products Stock Down 4.0%
NASDAQ:PLPC opened at $404.05 on Friday. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 45.50 and a beta of 0.91. 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 twelve month low of $184.02 and a twelve month high of $504.69. The stock has a fifty day simple moving average of $386.48 and a 200-day simple moving average of $338.47.
Preformed Line Products (NASDAQ:PLPC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The technology company reported $4.49 EPS for the quarter, topping the consensus estimate of $2.41 by $2.08. The company had revenue of $212.68 million for the quarter, compared to the consensus estimate 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 Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Wednesday, July 1st. Preformed Line Products's dividend payout ratio (DPR) is presently 9.46%.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on PLPC shares. Wall Street Zen raised shares of Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Weiss Ratings cut shares of Preformed Line Products from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Finally, Freedom Capital upgraded Preformed Line Products from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $275.00.
Read Our Latest Report on PLPC
Preformed Line Products Company Profile
(
Free Report)
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.
Further Reading
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