Preformed Line Products Company $PLPC Shares Bought by Tidal Investments LLC

Key Points

• Tidal Investments increased its PLPC stake by 138.3% in the second quarter, reaching 10,027 shares worth approximately $4.1 million. Institutional investors and hedge funds collectively own 41.19% of the company.
• Director Glen E. Corlett sold 2,000 shares for about $914,000, while company insiders retain a 33% ownership stake. Analysts have broadly upgraded PLPC, giving it a consensus “Strong Buy” rating and a $275 target price.
• Preformed Line Products reported quarterly earnings of $4.49 per share, beating estimates of $2.41, while revenue of $212.68 million exceeded the $193 million consensus forecast. Shares opened at $398.24, with a 52-week range of $184.02 to $504.69.

Tidal Investments LLC raised its stake in Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 138.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,027 shares of the technology company's stock after buying an additional 5,820 shares during the period. Tidal Investments LLC owned approximately 0.21% of Preformed Line Products worth $4,115,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PLPC. Robotti Robert acquired a new stake in shares of Preformed Line Products in the 2nd quarter worth approximately $2,437,000. Quantinno Capital Management LP raised its holdings in 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 purchasing an additional 3,072 shares during the last quarter. Wasatch Advisors LP raised its holdings in Preformed Line Products by 234.3% during the second quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company's stock worth $154,932,000 after purchasing an additional 264,478 shares during the last quarter. Deutsche Bank AG purchased a new stake in Preformed Line Products during the second quarter worth $1,251,000. Finally, Ranger Investment Management L.P. purchased a new stake in Preformed Line Products during the first quarter worth $5,069,000. 41.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Preformed Line Products

In other news, Director Glen E. Corlett sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total value of $914,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 33.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PLPC has been the subject of a number of research analyst 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. Freedom Capital upgraded shares of Preformed Line Products from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Strong Buy" and a consensus target price of $275.00.

Preformed Line Products Stock Down 6.0%

Shares of NASDAQ:PLPC opened at $398.24 on Tuesday. The company has a quick ratio of 1.88, a current ratio of 2.99 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.95 billion, a P/E ratio of 44.85 and a beta of 0.93. Preformed Line Products Company has a 52-week low of $184.02 and a 52-week high of $504.69. The stock's fifty day simple moving average is $389.15 and its 200-day simple moving average is $349.31.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last announced its earnings results on Wednesday, July 29th. The technology company reported $4.49 earnings per share for the quarter, beating the consensus estimate of $2.41 by $2.08. The firm had revenue of $212.68 million during the quarter, compared to the consensus estimate of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.64%.

Preformed Line Products Company Profile

Preformed Line Products Company NASDAQ: PLPC manufactures products and systems used to construct, maintain and improve overhead and underground networks. Its customers include electric utilities, telecommunications providers, cable operators and other infrastructure companies.

The company's offerings include products for transmission and distribution lines, substation and utility applications, communications networks, broadband and data infrastructure, and renewable-energy installations.

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