Preformed Line Products (NASDAQ:PLPC) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Wall Street Zen upgraded Preformed Line Products from “buy” to “strong-buy,” although other analysts remain more cautious; the stock has an overall “hold” consensus rating and a $275 price target.
• PLPC reported a significant quarterly earnings beat, with $4.49 in earnings per share versus the $2.41 consensus estimate and revenue of $212.68 million, above expectations of $193 million.
• Shares opened at $356.98, giving the company a market capitalization of approximately $1.75 billion; institutional investors own 41.19% of the stock.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Saturday.

A number of other equities research analysts also recently commented on PLPC. Freedom Capital downgraded shares of Preformed Line Products from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 1st. Weiss Ratings reissued 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 presently has an average rating of "Hold" and a consensus price target of $275.00.

Preformed Line Products Stock Performance

Shares of NASDAQ PLPC opened at $356.98 on Friday. The firm's 50-day moving average price is $360.69 and its 200-day moving average price is $312.24. The company has a quick ratio of 1.78, a current ratio of 3.01 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.75 billion, a PE ratio of 40.20 and a beta of 0.88. Preformed Line Products has a 52-week low of $145.55 and a 52-week high of $414.35.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $212.68 million during the quarter, compared to analysts' expectations of $193.00 million. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%.

Institutional Trading of Preformed Line Products

Several large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its position in Preformed Line Products by 2,562.5% in the third quarter. Russell Investments Group Ltd. now owns 213 shares of the technology company's stock worth $42,000 after acquiring an additional 205 shares during the period. Tower Research Capital LLC TRC grew its position 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 valued at $48,000 after acquiring an additional 199 shares during the period. Royal Bank of Canada grew its position in shares of Preformed Line Products by 132.4% during the 4th quarter. Royal Bank of Canada now owns 251 shares of the technology company's stock valued at $52,000 after acquiring an additional 143 shares during the period. State of Wyoming purchased a new stake in shares of Preformed Line Products in the 2nd quarter worth $63,000. Finally, Huntington National Bank raised its holdings in Preformed Line Products by 55.5% in the 4th quarter. Huntington National Bank now owns 311 shares of the technology company's stock worth $64,000 after purchasing an additional 111 shares during the period. 41.19% of the stock is currently owned by 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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