Preformed Line Products (NASDAQ:PLPC) Downgraded to Hold (C+) Rating by Weiss Ratings

Key Points

• Preformed Line Products (NASDAQ:PLPC) has been downgraded by Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating.
• The company's stock increased by 1.7% on the day of the report, with current shares trading at $237.88.
• Hedge funds and institutional investors hold approximately 41.19% of Preformed Line Products' stock, indicating growing interest among large investors.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) was downgraded by analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a research report issued on Saturday,Weiss Ratings reports.

Preformed Line Products Stock Up 1.7%

Shares of PLPC opened at $237.88 on Friday. Preformed Line Products has a 52 week low of $118.99 and a 52 week high of $242.49. The company has a quick ratio of 1.83, a current ratio of 3.08 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 27.79 and a beta of 0.75. The stock's 50-day moving average price is $201.78 and its 200-day moving average price is $167.12.

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

Hedge Funds Weigh In On Preformed Line Products

Hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its position in Preformed Line Products by 199.0% during the second quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company's stock worth $48,000 after purchasing an additional 199 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Preformed Line Products during the third quarter worth approximately $51,000. State of Wyoming purchased a new position in Preformed Line Products during the second quarter worth approximately $63,000. Raymond James Financial Inc. purchased a new position in Preformed Line Products during the second quarter worth approximately $175,000. Finally, Southland Equity Partners LLC purchased a new position in Preformed Line Products during the second quarter worth approximately $221,000. Hedge funds and other institutional investors own 41.19% of the company's stock.

About Preformed Line Products

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.

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