Preformed Line Products Company (NASDAQ:PLPC) Shares Sold by Robotti Robert

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 lessened its stake in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 7.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,484 shares of the technology company's stock after selling 1,516 shares during the quarter. Robotti Robert owned about 0.37% of Preformed Line Products worth $2,589,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN increased its stake in shares of Preformed Line Products by 28.7% during the fourth quarter. Wells Fargo & Company MN now owns 1,409 shares of the technology company's stock valued at $180,000 after acquiring an additional 314 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Preformed Line Products during the first quarter valued at approximately $308,000. New York State Common Retirement Fund grew its position in Preformed Line Products by 121.1% in the first quarter. New York State Common Retirement Fund now owns 2,921 shares of the technology company's stock worth $409,000 after buying an additional 1,600 shares during the last quarter. GAMMA Investing LLC grew its position in 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 worth $432,000 after buying an additional 3,072 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Preformed Line Products by 7.8% in the first quarter. Janney Montgomery Scott LLC now owns 3,831 shares of the technology company's stock worth $537,000 after buying an additional 276 shares during the last quarter. Institutional investors and hedge funds own 41.19% of the company's stock.

Preformed Line Products Trading Up 2.5%

Preformed Line Products stock opened at $176.30 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.83 and a current ratio of 3.08. The firm has a market cap of $867.40 million, a price-to-earnings ratio of 20.60 and a beta of 0.79. Preformed Line Products Company has a 1 year low of $109.01 and a 1 year high of $176.40. The firm's 50 day moving average price is $155.87 and its two-hundred day moving average price is $144.45.

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

Preformed Line Products Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Preformed Line Products Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.