Preformed Line Products (NASDAQ:PLPC) Sees Large Volume Increase – Still a Buy?
by Michael Walen · The Markets DailyShares of Preformed Line Products Company (NASDAQ:PLPC – Get Free Report) saw strong trading volume on Monday . 90,603 shares traded hands during mid-day trading, a decline of 27% from the previous session’s volume of 124,401 shares.The stock last traded at $258.37 and had previously closed at $261.65.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on PLPC shares. Wall Street Zen downgraded Preformed Line Products from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Freedom Capital upgraded shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 9th. Loop Capital set a $275.00 price objective on shares of Preformed Line Products in a report on Monday, March 9th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Preformed Line Products in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average target price of $275.00.
Check Out Our Latest Report on Preformed Line Products
Preformed Line Products Stock Down 5.9%
The company has a market capitalization of $1.21 billion, a PE ratio of 34.52 and a beta of 0.76. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.17 and a quick ratio of 1.87. The company has a 50-day moving average of $254.24 and a two-hundred day moving average of $224.64.
Preformed Line Products (NASDAQ:PLPC – Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The technology company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.08. Preformed Line Products had a return on equity of 9.36% and a net margin of 5.27%.The business had revenue of $173.11 million during the quarter, compared to analysts’ expectations of $177.00 million.
Institutional Investors Weigh In On Preformed Line Products
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its position in shares of Preformed Line Products by 22.1% in the fourth quarter. Russell Investments Group Ltd. now owns 260 shares of the technology company’s stock worth $54,000 after purchasing an additional 47 shares during the period. Bank of America Corp DE increased its stake in shares of Preformed Line Products by 6.6% in the second 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 in the last quarter. Huntington National Bank raised its position in shares of Preformed Line Products by 55.5% during the 4th quarter. Huntington National Bank now owns 311 shares of the technology company’s stock valued at $64,000 after purchasing an additional 111 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Preformed Line Products by 3.5% during the 2nd quarter. Quantinno Capital Management LP now owns 3,823 shares of the technology company’s stock valued at $611,000 after buying an additional 128 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake 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 buying an additional 143 shares in the last quarter. 41.19% of the stock is owned by hedge funds and other institutional investors.
Preformed Line Products Company Profile
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.