Preformed Line Products Company $PLPC Stock Holdings Increased by Wasatch Advisors LP

Key Points

• Wasatch Advisors increased its PLPC position by 234.3% in the second quarter, owning 377,367 shares valued at approximately $154.9 million, or 7.72% of the company. Institutional investors collectively own 41.19% of Preformed Line Products.
• Preformed Line Products reported quarterly EPS of $4.49, beating estimates of $2.41, while revenue of $212.68 million exceeded the $193 million forecast. The stock opened at $480.77, near its 12-month high of $497.
• Analysts upgraded the stock to a consensus “Strong Buy” rating, although the average price target of $275 is well below the current share price. Director Glen E. Corlett sold 2,000 shares, while the company maintains a quarterly dividend of $0.21 per share.

Wasatch Advisors LP raised its position in shares of Preformed Line Products Company (NASDAQ:PLPC - Free Report) by 234.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 377,367 shares of the technology company's stock after buying an additional 264,478 shares during the quarter. Wasatch Advisors LP owned about 7.72% of Preformed Line Products worth $154,932,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. NewEdge Advisors LLC acquired a new position in shares of Preformed Line Products in the 1st quarter worth approximately $338,000. Bank of America Corp DE increased its holdings in shares of Preformed Line Products by 26.4% in the 1st quarter. Bank of America Corp DE now owns 3,165 shares of the technology company's stock valued at $857,000 after acquiring an additional 661 shares during the last quarter. Royal Bank of Canada raised its position in shares of Preformed Line Products by 700.8% during the 1st quarter. Royal Bank of Canada now owns 2,010 shares of the technology company's stock valued at $544,000 after acquiring an additional 1,759 shares in the last quarter. Ranger Investment Management L.P. acquired a new stake in shares of Preformed Line Products during the 1st quarter valued at approximately $5,069,000. Finally, The Manufacturers Life Insurance Company bought a new position in Preformed Line Products during the first quarter worth $292,000. Institutional investors own 41.19% of the company's stock.

Insider Activity at Preformed Line Products

In related news, Director Glen E. Corlett sold 2,000 shares of the stock in a transaction dated 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 legal filing with the SEC, which is available at the SEC website. Corporate insiders own 33.00% of the company's stock.

Preformed Line Products Trading Up 3.9%

Shares of NASDAQ PLPC opened at $480.77 on Wednesday. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 54.14 and a beta of 0.91. Preformed Line Products Company has a 12-month low of $161.87 and a 12-month high of $497.00. The company has a current ratio of 2.99, a quick ratio of 1.88 and a debt-to-equity ratio of 0.07. The stock's 50 day simple moving average is $370.66 and its 200 day simple moving average is $322.70.

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

Preformed Line Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. Preformed Line Products's dividend payout ratio is currently 9.46%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PLPC shares. Wall Street Zen raised shares of Preformed Line Products from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday. Finally, 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. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Strong Buy" and an average price target of $275.00.

About Preformed Line Products

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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