BidaskClub Lowers Preformed Line Products (PLPC) to Hold

BidaskClub cut shares of Preformed Line Products (NASDAQ:PLPC) from a buy rating to a hold rating in a research report sent to investors on Friday.

Preformed Line Products (NASDAQ PLPC) opened at $66.20 on Friday. The company has a current ratio of 3.15, a quick ratio of 2.00 and a debt-to-equity ratio of 0.13. The stock has a market cap of $350.54, a PE ratio of 19.88 and a beta of 1.23. Preformed Line Products has a 52-week low of $44.50 and a 52-week high of $85.63.

Preformed Line Products (NASDAQ:PLPC) last announced its earnings results on Friday, November 3rd. The technology company reported $1.23 earnings per share (EPS) for the quarter. The company had revenue of $99.24 million during the quarter. Preformed Line Products had a net margin of 4.64% and a return on equity of 7.30%.

The firm also recently announced a quarterly dividend, which was paid on Friday, January 19th. Shareholders of record on Tuesday, January 2nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Friday, December 29th. Preformed Line Products’s payout ratio is currently 24.02%.

Preformed Line Products declared that its Board of Directors has initiated a share repurchase program on Thursday, December 14th that allows the company to buyback 250,000 shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

In other Preformed Line Products news, VP J Cecil Curlee, Jr. sold 3,130 shares of Preformed Line Products stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $68.50, for a total transaction of $214,405.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 37.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its position in Preformed Line Products by 1.0% during the second quarter. Rhumbline Advisers now owns 4,731 shares of the technology company’s stock worth $220,000 after acquiring an additional 45 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Preformed Line Products by 0.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 10,219 shares of the technology company’s stock worth $475,000 after acquiring an additional 57 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Preformed Line Products by 5.3% during the second quarter. TIAA CREF Investment Management LLC now owns 8,232 shares of the technology company’s stock worth $382,000 after acquiring an additional 415 shares during the last quarter. California State Teachers Retirement System raised its position in Preformed Line Products by 10.8% during the second quarter. California State Teachers Retirement System now owns 5,603 shares of the technology company’s stock worth $260,000 after acquiring an additional 544 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Preformed Line Products by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 27,676 shares of the technology company’s stock worth $1,285,000 after acquiring an additional 569 shares during the last quarter. Institutional investors own 45.31% of the company’s stock.

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Preformed Line Products Company Profile

Preformed Line Products Company (PLPC) is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators and information industries. The Company’s products include Formed Wire and Related Hardware Products, Protective Closures, Plastic Products and Other Products.

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