Preformed Line Products (NASDAQ:PLPC) Cut to “Hold (C+)” at Weiss Ratings

Weiss Ratings cut shares of Preformed Line Products (NASDAQ:PLPC) from a buy (b-) rating to a hold (c+) rating in a report issued on Saturday morning,Weiss Ratings reports.

Preformed Line Products Price Performance

PLPC stock opened at $228.58 on Friday. The company has a market capitalization of $1.12 billion, a P/E ratio of 26.70 and a beta of 0.75. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.83 and a current ratio of 3.08. Preformed Line Products has a 52-week low of $118.99 and a 52-week high of $242.49. The business has a 50-day simple moving average of $202.74 and a two-hundred day simple moving average of $167.89.

Preformed Line Products (NASDAQ:PLPC) last announced its earnings results on Wednesday, July 30th. The technology company reported $2.56 earnings per share (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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Wednesday, October 1st were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Wednesday, October 1st. Preformed Line Products’s payout ratio is presently 9.35%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PLPC. New York State Common Retirement Fund boosted its holdings in shares of Preformed Line Products by 121.1% in the 1st quarter. New York State Common Retirement Fund now owns 2,921 shares of the technology company’s stock worth $409,000 after buying an additional 1,600 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Preformed Line Products by 7.8% in the first quarter. Janney Montgomery Scott LLC now owns 3,831 shares of the technology company’s stock valued at $537,000 after purchasing an additional 276 shares during the last quarter. TrueMark Investments LLC purchased a new position in Preformed Line Products in the second quarter valued at approximately $2,521,000. American Century Companies Inc. lifted its position in shares of Preformed Line Products by 47.0% during the 1st quarter. American Century Companies Inc. now owns 72,137 shares of the technology company’s stock valued at $10,106,000 after buying an additional 23,080 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Preformed Line Products during the 1st quarter valued at $308,000. Hedge funds and other 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.