Preformed Line Products (NASDAQ:PLPC) Shares Down 6.5% - Should You Sell?

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) traded down 6.5% on Friday . The company traded as low as $175.67 and last traded at $171.81. 14,324 shares traded hands during trading, a decline of 76% from the average session volume of 60,319 shares. The stock had previously closed at $183.66.

Wall Street Analyst Weigh In

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

Preformed Line Products Stock Performance

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 stock has a market capitalization of $863.41 million, a P/E ratio of 20.43 and a beta of 0.79. The company's fifty day simple moving average is $156.66 and its two-hundred day simple moving average is $144.72.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The technology company reported $2.56 earnings per share for the quarter. The firm had revenue of $169.60 million during 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 declared a quarterly dividend, which was paid on Sunday, July 20th. Stockholders 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 dividend yield of 0.5%. Preformed Line Products's dividend payout ratio is presently 9.35%.

Hedge Funds Weigh In On Preformed Line Products

Several institutional investors and hedge funds have recently made changes to their positions in the business. Lazard Asset Management LLC boosted its position in Preformed Line Products by 102.7% during the 2nd quarter. Lazard Asset Management LLC now owns 18,492 shares of the technology company's stock valued at $2,955,000 after buying an additional 9,369 shares during the period. Bank of America Corp DE lifted its position in shares of Preformed Line Products by 6.6% in the 2nd quarter. Bank of America Corp DE now owns 1,609 shares of the technology company's stock worth $257,000 after purchasing an additional 100 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Preformed Line Products in the 2nd quarter worth about $175,000. Quantinno Capital Management LP lifted its position in shares of Preformed Line Products by 3.5% in the 2nd 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 during the period. Finally, Jump Financial LLC purchased a new stake in shares of Preformed Line Products in the 2nd quarter worth about $585,000. Institutional investors own 41.19% of the company's stock.

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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