HighTower Advisors LLC Has $416.61 Million Stock Position in Preformed Line Products Company $PLPC

Key Points

• HighTower Advisors increased its PLPC stake by 4.8% in the second quarter, holding 1.01 million shares valued at approximately $416.6 million, or 20.76% of the company. Institutional investors and hedge funds collectively own 41.19% of the stock.
• Preformed Line Products reported quarterly earnings of $4.49 per share, beating the $2.41 consensus estimate, while revenue of $212.68 million exceeded expectations of $193 million.
• Analyst sentiment remains strongly positive, with recent upgrades to “Strong Buy” and an average price target of $275; PLPC recently opened at $398.45, despite an insider sale of 2,000 shares for about $914,000.

HighTower Advisors LLC increased its holdings in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,014,731 shares of the technology company's stock after buying an additional 46,664 shares during the quarter. HighTower Advisors LLC owned 20.76% of Preformed Line Products worth $416,608,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Robotti Robert bought a new position in Preformed Line Products in the 2nd quarter valued at approximately $2,437,000. Quantinno Capital Management LP grew its stake in shares of Preformed Line Products by 65.7% during the first quarter. Quantinno Capital Management LP now owns 7,748 shares of the technology company's stock worth $2,098,000 after buying an additional 3,072 shares during the last quarter. Ranger Investment Management L.P. acquired a new position in shares of Preformed Line Products during the first quarter worth $5,069,000. Deutsche Bank AG acquired a new position in shares of Preformed Line Products during the second quarter worth $1,251,000. Finally, First Trust Advisors LP lifted its stake in shares of Preformed Line Products by 28.9% in the 1st quarter. First Trust Advisors LP now owns 21,144 shares of the technology company's stock valued at $5,725,000 after acquiring an additional 4,745 shares during the last quarter. 41.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLPC has been the topic of a number of research reports. Wall Street Zen upgraded Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Weiss Ratings raised Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. Finally, Freedom Capital upgraded Preformed Line Products from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. One 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.com, the stock has an average rating of "Strong Buy" and an average price target of $275.00.

Preformed Line Products Price Performance

PLPC stock opened at $398.45 on Monday. The company has a market capitalization of $1.95 billion, a P/E ratio of 44.87 and a beta of 0.93. The company has a fifty day moving average price of $386.50 and a 200-day moving average price of $343.08. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.88 and a current ratio of 2.99. Preformed Line Products Company has a 52-week low of $184.02 and a 52-week high of $504.69.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $212.68 million for the quarter, compared to analysts' expectations of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.64%.

Insider Activity at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of the firm's 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 33.00% of the company's stock.

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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