Principal Financial Group Inc. Takes $1.37 Million Position in Preformed Line Products Company $PLPC

Principal Financial Group Inc. purchased a new position in Preformed Line Products Company (NASDAQ:PLPC) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,961 shares of the technology company’s stock, valued at approximately $1,365,000. Principal Financial Group Inc. owned 0.14% of Preformed Line Products at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its position in Preformed Line Products by 199.0% during the second quarter. Tower Research Capital LLC TRC now owns 299 shares of the technology company’s stock worth $48,000 after purchasing an additional 199 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Preformed Line Products during the 3rd quarter worth $51,000. State of Wyoming purchased a new stake in shares of Preformed Line Products in the 2nd quarter worth about $63,000. Raymond James Financial Inc. purchased a new stake in shares of Preformed Line Products in the 2nd quarter worth about $175,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Preformed Line Products during the 2nd quarter valued at about $224,000. 41.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of Preformed Line Products from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Preformed Line Products in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy”.

Preformed Line Products Stock Performance

Shares of PLPC stock opened at $273.24 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.84 and a current ratio of 3.09. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 36.19 and a beta of 0.77. Preformed Line Products Company has a one year low of $118.99 and a one year high of $287.96. The company has a 50 day moving average price of $240.12 and a 200 day moving average price of $214.30.

Preformed Line Products Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 20th. Shareholders of record on Monday, January 5th were paid a dividend of $0.21 per share. This is a boost from Preformed Line Products’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, January 5th. Preformed Line Products’s payout ratio is currently 11.13%.

Preformed Line Products 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.