Preformed Line Products (NASDAQ:PLPC) Stock Price Down 6.5% - What's Next?

Key Points

• Preformed Line Products shares fell 6.5% to $171.81 on Friday, with trading volume down significantly at 14,324 shares compared to the average of 60,319.
• Wall Street analysts upgraded the stock from a "buy" to a "strong-buy" rating on May 13th, reflecting positive sentiment despite recent declines in share price.
• The company announced a quarterly dividend of $0.20 per share, yielding 0.5%, with a low dividend payout ratio of 9.35% indicating strong earnings retention.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report)'s stock price dropped 6.5% during mid-day trading on Friday . The company traded as low as $175.67 and last traded at $171.81. Approximately 14,324 shares traded hands during trading, a decline of 76% from the average daily volume of 60,319 shares. The stock had previously closed at $183.66.

Wall Street Analysts Forecast Growth

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

Preformed Line Products Trading Down 0.2%

The stock has a fifty day moving average of $158.93 and a 200 day moving average of $145.64. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.83 and a current ratio of 3.08. The company has a market capitalization of $885.50 million, a PE ratio of 21.03 and a beta of 0.79.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last posted its quarterly 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 company had revenue of $169.60 million for the quarter.

Preformed Line Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, July 20th. Investors of record on Tuesday, July 1st were issued a $0.20 dividend. 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 payout ratio is currently 9.35%.

Institutional Trading of Preformed Line Products

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in shares of Preformed Line Products by 199.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company's stock worth $48,000 after acquiring an additional 199 shares in the last quarter. State of Wyoming purchased a new stake in shares of Preformed Line Products during the 2nd quarter worth approximately $63,000. Raymond James Financial Inc. purchased a new stake in shares of Preformed Line Products during the 2nd quarter worth approximately $175,000. Southland Equity Partners LLC purchased a new stake in shares of Preformed Line Products during the 2nd quarter worth approximately $221,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of Preformed Line Products during the 2nd quarter worth approximately $224,000. 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.