Robotti Robert Takes $2.44 Million Position in Preformed Line Products Company $PLPC

Key Points

• Robotti Robert acquired 5,935 shares of Preformed Line Products in the second quarter, investing approximately $2.44 million for a 0.12% stake. Institutional investors collectively own 41.19% of the company.
• Analysts have turned more bullish, with recent upgrades resulting in an average “Strong Buy” rating and a $275 price target.
• Preformed Line Products exceeded quarterly expectations, reporting $4.49 in EPS versus the $2.41 consensus and revenue of $212.68 million versus $193 million expected; the company also maintains a $0.21 quarterly dividend.

Robotti Robert purchased a new stake in Preformed Line Products Company (NASDAQ:PLPC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,935 shares of the technology company's stock, valued at approximately $2,437,000. Robotti Robert owned 0.12% of Preformed Line Products as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. First National Bank of Omaha purchased a new stake in Preformed Line Products during the second quarter valued at about $526,000. BlackRock Inc. acquired a new stake in Preformed Line Products during the 2nd quarter valued at $93,241,000. Deutsche Bank AG acquired a new stake in Preformed Line Products during the 2nd quarter valued at $1,251,000. Bank of New York Mellon Corp purchased a new stake in shares of Preformed Line Products in the second quarter valued at $7,582,000. Finally, State of Wyoming purchased a new stake in shares of Preformed Line Products in the second quarter valued at $165,000. Hedge funds and other institutional investors own 41.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Freedom Capital upgraded Preformed Line Products from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Wall Street Zen raised Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings upgraded Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Strong Buy" and an average price target of $275.00.

Preformed Line Products Stock Down 6.4%

PLPC stock opened at $444.76 on Wednesday. The company has a 50 day moving average of $379.44 and a two-hundred day moving average of $330.32. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 50.09 and a beta of 0.91. Preformed Line Products Company has a 12-month low of $177.18 and a 12-month high of $504.69. The company has a quick ratio of 1.88, a current ratio of 2.99 and a debt-to-equity ratio of 0.07.

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

Preformed Line Products Dividend Announcement

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

Insider Buying and Selling

In other Preformed Line Products news, Director Glen E. Corlett sold 2,000 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $457.02, for a total value of $914,040.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 33.00% of the stock is owned by company insiders.

Preformed Line Products Profile

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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