Preformed Line Products (NASDAQ:PLPC) Director Sells 2,000 Shares

Key Points

• Director Glen Corlett sold 2,000 PLPC shares at an average price of $457.02, totaling approximately $914,040.
• Preformed Line Products reported quarterly EPS of $4.49, beating estimates of $2.41, while revenue of $212.68 million exceeded the $193 million consensus forecast.
• Shares fell 2.2% to $460.75, despite strong earnings; analysts maintain a consensus “Hold” rating with a $275 price target, well below the current stock price.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report) Director Glen Corlett sold 2,000 shares of Preformed Line Products 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 can be accessed through this hyperlink.

Preformed Line Products Stock Down 2.2%

PLPC traded down $10.54 on Thursday, reaching $460.75. 184,001 shares of the company traded hands, compared to its average volume of 127,155. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 51.89 and a beta of 0.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.78. The stock's 50 day moving average price is $363.45 and its 200-day moving average price is $316.41. Preformed Line Products Company has a 52-week low of $153.22 and a 52-week high of $497.00.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last issued its earnings results 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 net margin of 5.82% and a return on equity of 10.64%. The company 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 announced a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Preformed Line Products's dividend payout ratio is presently 9.46%.

Institutional Trading of Preformed Line Products

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in shares of Preformed Line Products during the 2nd quarter worth about $7,582,000. State of Wyoming bought a new stake in Preformed Line Products during the second quarter worth approximately $165,000. GSA Capital Partners LLP bought a new stake in Preformed Line Products during the second quarter worth approximately $873,000. Avalon Trust Co acquired a new position in Preformed Line Products during the second quarter valued at approximately $82,000. Finally, Wasatch Advisors LP grew 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 valued at $154,932,000 after purchasing an additional 264,478 shares during the last quarter. Institutional investors and hedge funds own 41.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Preformed Line Products from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Preformed Line Products in a research report on Friday, July 24th. Finally, Freedom Capital cut shares of Preformed Line Products from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Preformed Line Products currently has a consensus rating of "Hold" and a consensus 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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