Preformed Line Products Company (NASDAQ:PLPC) Position Increased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its holdings in Preformed Line Products by 13.0%, now owning approximately 0.64% of the company, valued at $4,428,000.
• Analysts at Wall Street Zen upgraded Preformed Line Products from a "buy" to a "strong-buy" rating, reflecting positive sentiment toward the stock.
• Preformed Line Products recently announced a quarterly dividend of $0.20 per share, representing an annualized dividend yield of 0.5%.

PNC Financial Services Group Inc. raised its holdings in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 13.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,610 shares of the technology company's stock after buying an additional 3,645 shares during the period. PNC Financial Services Group Inc. owned about 0.64% of Preformed Line Products worth $4,428,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Denali Advisors LLC acquired a new position in Preformed Line Products in the 1st quarter worth approximately $804,000. New York State Common Retirement Fund boosted its stake in Preformed Line Products by 121.1% in the 1st quarter. New York State Common Retirement Fund now owns 2,921 shares of the technology company's stock worth $409,000 after purchasing an additional 1,600 shares during the period. Bank of New York Mellon Corp boosted its stake in Preformed Line Products by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 20,325 shares of the technology company's stock worth $2,847,000 after purchasing an additional 293 shares during the period. Teacher Retirement System of Texas boosted its stake in Preformed Line Products by 2.7% in the 1st quarter. Teacher Retirement System of Texas now owns 12,743 shares of the technology company's stock worth $1,785,000 after purchasing an additional 335 shares during the period. Finally, Ausbil Investment Management Ltd boosted its stake in Preformed Line Products by 21.6% in the 1st quarter. Ausbil Investment Management Ltd now owns 6,608 shares of the technology company's stock worth $926,000 after purchasing an additional 1,172 shares during the period. 41.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th.

Preformed Line Products Trading Down 1.3%

Preformed Line Products stock opened at $154.44 on Friday. The company has a 50 day moving average price of $153.79 and a 200 day moving average price of $143.50. The firm has a market capitalization of $759.84 million, a price-to-earnings ratio of 18.04 and a beta of 0.79. Preformed Line Products Company has a 52 week low of $109.01 and a 52 week high of $171.94. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.83 and a current ratio of 3.08.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last issued its earnings results on Wednesday, July 30th. The technology company reported $2.56 earnings per share (EPS) for the quarter. The company had revenue of $169.60 million during the quarter. Preformed Line Products had a net margin of 6.70% and a return on equity of 9.69%.

Preformed Line Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, July 20th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.5%. Preformed Line Products's dividend payout ratio (DPR) is 9.35%.

Preformed Line Products Profile

Preformed Line Products Company, together with its subsidiaries, designs and manufactures products and systems that are used in the construction and maintenance of overhead, ground-mounted, and underground networks for the energy, telecommunication, cable, data communication, and other industries. The company offers optical ground wire products to support, protect, terminate, and splice transmission and distribution lines, as well as bolted, welded, and compressed connectors for substations; and string hardware products, polymer insulators, wildlife protection, substation fittings, and motion control devices.

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