Preformed Line Products (NASDAQ:PLPC) Shares Gap Up - Here's Why

Key Points

• Preformed Line Products shares experienced a gap up on Friday, opening at $214.72 after closing at $205.93, with recent trading at $212.42.
• Weiss Ratings upgraded the stock from a "hold" to a "buy" rating, contributing to a positive sentiment with an average analyst rating currently at "Buy."
• The company announced a quarterly dividend of $0.20 per share, with an annualized yield of 0.4%, indicating strong financial health and shareholder value.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $205.93, but opened at $214.72. Preformed Line Products shares last traded at $212.42, with a volume of 42,059 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy".

Preformed Line Products Stock Performance

The company has a market cap of $1.02 billion, a price-to-earnings ratio of 24.25 and a beta of 0.75. The firm has a 50-day simple moving average of $188.02 and a 200 day simple moving average of $160.34. The company has a quick ratio of 1.83, a current ratio of 3.08 and a debt-to-equity ratio of 0.06.

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

Preformed Line Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Wednesday, October 1st. Preformed Line Products's payout ratio is presently 9.35%.

Institutional Trading of Preformed Line Products

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

About Preformed Line Products

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.