Robotti Robert Trims Stake in Preformed Line Products Company $PLPC

Key Points

• Robotti Robert reduced its stake in Preformed Line Products Company by 7.6%, owning 18,484 shares valued at approximately $2.59 million as of the latest disclosure.
• Wells Fargo increased its position in Preformed Line Products by 28.7%, while New York State Common Retirement Fund and GAMMA Investing LLC significantly boosted their holdings, increasing by 121.1% and 30,720.0%%, respectively.
• The company reported $2.56 earnings per share (EPS) for the last quarter and announced a quarterly dividend of $0.20, reflecting an annual yield of 0.5%.

Robotti Robert cut its position in Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 7.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,484 shares of the technology company's stock after selling 1,516 shares during the period. Robotti Robert owned approximately 0.37% of Preformed Line Products worth $2,589,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Preformed Line Products by 30,720.0% in the first quarter. GAMMA Investing LLC now owns 3,082 shares of the technology company's stock valued at $432,000 after purchasing an additional 3,072 shares during the period. New York State Common Retirement Fund grew its holdings in Preformed Line Products by 121.1% during the first quarter. New York State Common Retirement Fund now owns 2,921 shares of the technology company's stock worth $409,000 after acquiring an additional 1,600 shares during the period. Janney Montgomery Scott LLC grew its holdings in Preformed Line Products by 7.8% during the first quarter. Janney Montgomery Scott LLC now owns 3,831 shares of the technology company's stock worth $537,000 after acquiring an additional 276 shares during the period. Bank of New York Mellon Corp grew its holdings in Preformed Line Products by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 20,325 shares of the technology company's stock worth $2,847,000 after acquiring an additional 293 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Preformed Line Products by 13.0% during the first quarter. PNC Financial Services Group Inc. now owns 31,610 shares of the technology company's stock worth $4,428,000 after acquiring an additional 3,645 shares during the period. 41.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Preformed Line Products Price Performance

PLPC traded down $0.98 during trading on Tuesday, hitting $179.58. The company's stock had a trading volume of 22,831 shares, compared to its average volume of 60,284. The company has a current ratio of 3.08, a quick ratio of 1.83 and a debt-to-equity ratio of 0.06. Preformed Line Products Company has a twelve month low of $109.01 and a twelve month high of $184.61. The business's fifty day simple moving average is $157.88 and its 200 day simple moving average is $145.16. The firm has a market capitalization of $884.43 million, a price-to-earnings ratio of 20.98 and a beta of 0.79.

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

Preformed Line Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, July 20th. Investors of record on Tuesday, July 1st were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, July 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.4%. Preformed Line Products's dividend payout ratio (DPR) is presently 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.