Preformed Line Products (NASDAQ:PLPC) Reaches New 52-Week High - Here's Why

Key Points

• New 52-week high: Preformed Line Products shares traded as high as $370.17 (last $364.71) on Wednesday despite a consensus analyst rating of Hold and a much lower consensus price target of $275.
• Mixed quarterly results: The company beat EPS estimates with $2.14 vs. $1.82 consensus but reported revenue slightly below expectations ($176.28M vs. $178.0M); valuation is elevated (PE 52.7) while liquidity and leverage are strong (current ratio 3.01, D/E 0.07).
• Corporate returns and ownership: management declared a quarterly dividend of $0.21 ($0.84 annualized, ~0.2% yield) and institutional investors own about 41% of the stock.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $370.17 and last traded at $364.71, with a volume of 8538 shares traded. The stock had previously closed at $358.66.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PLPC shares. Weiss Ratings downgraded Preformed Line Products from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 29th. Loop Capital set a $275.00 price target on Preformed Line Products in a research note on Monday, March 9th. Freedom Capital downgraded Preformed Line Products from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded Preformed Line Products from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Preformed Line Products has a consensus rating of "Hold" and a consensus price target of $275.00.

Preformed Line Products Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 3.01 and a quick ratio of 1.87. The stock has a market capitalization of $1.80 billion, a PE ratio of 52.70 and a beta of 0.88. The stock has a 50 day moving average of $287.83 and a two-hundred day moving average of $249.77.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The technology company reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.32. Preformed Line Products had a return on equity of 8.96% and a net margin of 4.92%.The firm had revenue of $176.28 million during the quarter, compared to analysts' expectations of $178.00 million.

Preformed Line Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 20th. Investors of record on Wednesday, April 1st were issued a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $0.84 annualized dividend and a dividend yield of 0.2%. Preformed Line Products's dividend payout ratio (DPR) is 12.09%.

Institutional Trading of Preformed Line Products

Several hedge funds have recently made changes to their positions in PLPC. Montag A & Associates Inc. bought a new stake in shares of Preformed Line Products in the 3rd quarter worth approximately $29,000. Huntington National Bank increased its position in Preformed Line Products by 181.7% in the 3rd quarter. Huntington National Bank now owns 200 shares of the technology company's stock valued at $39,000 after acquiring an additional 129 shares during the period. Russell Investments Group Ltd. increased its position in shares of Preformed Line Products by 2,562.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company's stock valued at $42,000 after purchasing an additional 205 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Preformed Line Products by 199.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company's stock worth $48,000 after buying an additional 199 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in Preformed Line Products during the third quarter valued at about $51,000. Institutional investors own 41.19% of the company's stock.

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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