PNC Financial Services Group Inc. Has $7.20 Million Holdings in Preformed Line Products Company $PLPC

Key Points

• PNC Financial Services reduced its Preformed Line Products stake by 15.6% in the first quarter, selling 4,928 shares and retaining 26,582 shares valued at approximately $7.20 million. Institutional investors and hedge funds collectively own 41.19% of PLPC.
• Analyst sentiment is mixed, with two analysts maintaining “Hold” ratings and one upgrading the stock to “Buy”; MarketBeat reports an average price target of $275, below the stock’s cited price of $311.22.
• Preformed Line Products beat quarterly earnings expectations, reporting $2.14 in EPS versus the $1.82 consensus, while revenue of $176.28 million fell slightly short of estimates. The company also paid a quarterly dividend of $0.21 per share, representing a 0.3% yield.

PNC Financial Services Group Inc. cut its holdings in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 15.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,582 shares of the technology company's stock after selling 4,928 shares during the quarter. PNC Financial Services Group Inc. owned 0.54% of Preformed Line Products worth $7,197,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PLPC. HighTower Advisors LLC grew its position in Preformed Line Products by 11.6% during the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company's stock worth $199,720,000 after buying an additional 100,113 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Preformed Line Products by 1.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,511 shares of the technology company's stock worth $42,665,000 after acquiring an additional 2,768 shares during the period. Vanguard Group Inc. raised its holdings in Preformed Line Products by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 162,173 shares of the technology company's stock valued at $31,810,000 after acquiring an additional 7,426 shares in the last quarter. Wasatch Advisors LP acquired a new position in Preformed Line Products in the 1st quarter valued at $30,565,000. Finally, Invesco Ltd. lifted its position in shares of Preformed Line Products by 25.7% during the 4th quarter. Invesco Ltd. now owns 79,299 shares of the technology company's stock valued at $16,392,000 after acquiring an additional 16,223 shares during the period. 41.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PLPC shares. Freedom Capital lowered Preformed Line Products from a "strong-buy" rating to a "hold" rating in a report on Friday, May 1st. Weiss Ratings cut shares of Preformed Line Products from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen upgraded shares of Preformed Line Products from a "hold" rating to a "buy" rating in a research note on Saturday, June 6th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $275.00.

Preformed Line Products Stock Performance

Shares of PLPC stock opened at $311.22 on Monday. Preformed Line Products Company has a fifty-two week low of $139.04 and a fifty-two week high of $414.35. The stock's fifty day moving average price is $362.35 and its two-hundred day moving average price is $309.62. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.78 and a current ratio of 3.01. The company has a market cap of $1.52 billion, a PE ratio of 44.78 and a beta of 0.88.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The technology company reported $2.14 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.32. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.The company had revenue of $176.28 million during the quarter, compared to analysts' expectations of $178.00 million.

Preformed Line Products Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.84 annualized dividend and a yield of 0.3%. Preformed Line Products's payout ratio is presently 12.09%.

Preformed Line Products 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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