Preformed Line Products (NASDAQ:PLPC) Hits New 52-Week High on Analyst Upgrade

Key Points

• Preformed Line Products reached a new 52-week high of $209.00 following an upgrade from Weiss Ratings from a hold to a buy rating.
• Several institutional investors significantly increased their stakes in Preformed Line Products, with GAMMA Investing LLC boosting its position by 30,720% in the first quarter.
• The company announced a quarterly dividend of $0.20 per share, reflecting an annualized dividend yield of 0.4% and a payout ratio of 9.35%.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock traded as high as $209.00 and last traded at $203.84, with a volume of 10083 shares. The stock had previously closed at $200.43.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in Preformed Line Products by 30,720.0% during the 1st quarter. GAMMA Investing LLC now owns 3,082 shares of the technology company's stock worth $432,000 after purchasing an additional 3,072 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Preformed Line Products by 121.1% in the first quarter. New York State Common Retirement Fund now owns 2,921 shares of the technology company's stock valued at $409,000 after purchasing an additional 1,600 shares during the period. Janney Montgomery Scott LLC lifted its stake in Preformed Line Products by 7.8% in the first quarter. Janney Montgomery Scott LLC now owns 3,831 shares of the technology company's stock worth $537,000 after acquiring an additional 276 shares during the last quarter. American Century Companies Inc. lifted its stake in Preformed Line Products by 47.0% in the first quarter. American Century Companies Inc. now owns 72,137 shares of the technology company's stock worth $10,106,000 after acquiring an additional 23,080 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Preformed Line Products during the first quarter worth approximately $308,000. Hedge funds and other institutional investors own 41.19% of the company's stock.

Preformed Line Products Stock Up 0.1%

The business's fifty day moving average price is $186.99 and its 200 day moving average price is $159.94. The company has a current ratio of 3.08, a quick ratio of 1.83 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $986.86 million, a price-to-earnings ratio of 23.49 and a beta of 0.75.

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

Preformed Line Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, October 1st. Preformed Line Products's payout ratio is presently 9.35%.

Preformed Line Products Company Profile

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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