Preformed Line Products (NASDAQ:PLPC) Sets New 52-Week High - Here's What Happened

Key Points

• Preformed Line Products shares surged 18.3%, reaching a new 52-week high of $426.00 and last trading at $423.60, up from a prior close of $358.15.
• The company reported a strong quarterly earnings beat, with earnings per share of $4.49 versus the $2.41 consensus estimate and revenue of $212.68 million versus expectations of $193.00 million.
• Despite the stock’s rally, analysts maintain a consensus “Hold” rating with a $275 price target, well below the current share price; the company also pays a quarterly dividend of $0.21.

Shares of Preformed Line Products Company (NASDAQ:PLPC - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $426.00 and last traded at $423.60, with a volume of 122818 shares. The stock had previously closed at $358.15.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of Preformed Line Products from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Freedom Capital downgraded Preformed Line Products from a "strong-buy" rating to a "hold" rating in a report on Friday, May 1st. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Preformed Line Products in a report on Friday, July 24th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $275.00.

Preformed Line Products Trading Up 18.3%

The firm's 50 day simple moving average is $361.63 and its 200-day simple moving average is $314.84. The company has a market capitalization of $2.07 billion, a PE ratio of 47.70 and a beta of 0.91. The company has a quick ratio of 1.78, a current ratio of 2.99 and a debt-to-equity ratio of 0.07.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The technology company reported $4.49 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Wednesday, July 1st were paid a $0.21 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.2%. Preformed Line Products's dividend payout ratio (DPR) is 9.46%.

Institutional Investors Weigh In On Preformed Line Products

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its holdings in Preformed Line Products by 22.1% in the 4th quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company's stock worth $54,000 after acquiring an additional 47 shares during the period. Pullen Investment Management LLC raised its stake in shares of Preformed Line Products by 1.4% during the first quarter. Pullen Investment Management LLC now owns 6,891 shares of the technology company's stock valued at $1,866,000 after purchasing an additional 92 shares during the period. Bank of America Corp DE raised its stake in shares of Preformed Line Products by 6.6% during the second quarter. Bank of America Corp DE now owns 1,609 shares of the technology company's stock valued at $257,000 after purchasing an additional 100 shares during the period. Huntington National Bank lifted its position in shares of Preformed Line Products by 55.5% during the fourth quarter. Huntington National Bank now owns 311 shares of the technology company's stock worth $64,000 after purchasing an additional 111 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Preformed Line Products by 3.5% during the second quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company's stock worth $611,000 after purchasing an additional 128 shares in the last quarter. 41.19% of the stock is currently owned by hedge funds and other institutional investors.

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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