Preformed Line Products (NASDAQ:PLPC) Hits New 12-Month High - Here's What Happened

Key Points

• Preformed Line Products shares reached a new 52-week high of $195.97, with the last trading price at $193.53 and a volume of 10,845 shares on the day.
• Wall Street analyst firm Wall Street Zen upgraded the company from a "buy" rating to a "strong-buy" rating on May 13th.
• The company announced a quarterly dividend of $0.20, representing an annualized dividend yield of 0.4% and a payout ratio of 9.35%.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $195.97 and last traded at $193.53, with a volume of 10845 shares. The stock had previously closed at $194.45.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th.

Preformed Line Products Price Performance

The stock's fifty day moving average is $164.18 and its 200-day moving average is $148.03. The stock has a market capitalization of $940.06 million, a PE ratio of 22.32 and a beta of 0.79. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.08 and a quick ratio of 1.83.

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

Preformed Line Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, July 20th. Investors of record on Tuesday, July 1st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.4%. Preformed Line Products's dividend payout ratio is 9.35%.

Institutional Trading of Preformed Line Products

A number of hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Preformed Line Products by 15,654.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,571 shares of the technology company's stock worth $30,480,000 after buying an additional 216,190 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Preformed Line Products by 172.8% in the first quarter. Vanguard Group Inc. now owns 185,201 shares of the technology company's stock valued at $25,945,000 after purchasing an additional 117,323 shares during the period. Nuveen LLC acquired a new stake in shares of Preformed Line Products in the first quarter valued at about $15,339,000. American Century Companies Inc. grew its position in shares of Preformed Line Products by 13.4% in the second quarter. American Century Companies Inc. now owns 81,774 shares of the technology company's stock valued at $13,068,000 after purchasing an additional 9,637 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its position in shares of Preformed Line Products by 9.3% in the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 78,818 shares of the technology company's stock valued at $12,596,000 after purchasing an additional 6,718 shares during the period. 41.19% of the stock is owned by hedge funds and other institutional investors.

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.