Preformed Line Products (NASDAQ:PLPC) Trading Down 7.4% - What's Next?

Key Points

• Fell 7.4% — Preformed Line Products (PLPC) dropped to about $308.90 on Monday with 122,679 shares traded, roughly 16% below its average daily volume.
• Analyst activity is mixed: Freedom Capital upgraded to a strong-buy while Weiss Ratings and Wall Street Zen cut to hold; the consensus rating is "Buy" but the average price target is $275, below the current share price.
• EPS beat but revenue missed — the company reported $2.14 EPS versus $1.82 expected and revenue of $176.28M versus $178.00M expected, and it pays a $0.21 quarterly dividend (about a 0.3% yield).

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report) fell 7.4% on Monday . The stock traded as low as $306.91 and last traded at $308.8970. 122,679 shares were traded during mid-day trading, a decline of 16% from the average session volume of 145,764 shares. The stock had previously closed at $333.73.

Analysts Set New Price Targets

Several brokerages have weighed in on PLPC. Freedom Capital raised Preformed Line Products from a "hold" rating to a "strong-buy" rating in a report on Monday, March 9th. Loop Capital set a $275.00 target price on shares of Preformed Line Products in a research report on Monday, March 9th. Weiss Ratings cut shares of Preformed Line Products from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. Finally, Wall Street Zen cut shares of Preformed Line Products from a "buy" rating to a "hold" rating in a research report on Saturday, March 7th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Preformed Line Products presently has an average rating of "Buy" and an average price target of $275.00.

Preformed Line Products Price Performance

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.17. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 44.37 and a beta of 0.88. The business has a fifty day moving average price of $285.91 and a 200 day moving average price of $248.94.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The technology company reported $2.14 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.32. Preformed Line Products had a return on equity of 8.99% and a net margin of 4.92%.The company had revenue of $176.28 million during the quarter, compared to analysts' expectations of $178.00 million.

Preformed Line Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 20th. Shareholders of record on Wednesday, April 1st were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Wednesday, April 1st. Preformed Line Products's dividend payout ratio is presently 12.09%.

Hedge Funds Weigh In On Preformed Line Products

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in Preformed Line Products in the 3rd quarter worth about $1,365,000. Riverwater Partners LLC acquired a new position in Preformed Line Products in the 3rd quarter worth about $628,000. GSA Capital Partners LLP acquired a new position in Preformed Line Products in the 3rd quarter worth about $670,000. SG Americas Securities LLC acquired a new position in Preformed Line Products in the 3rd quarter valued at approximately $467,000. Finally, Topline Capital Management LLC acquired a new position in Preformed Line Products in the 3rd quarter valued at approximately $413,000. Institutional investors and hedge funds own 41.19% of the company's stock.

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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