Preformed Line Products (NASDAQ:PLPC) Reaches New 52-Week High – Still a Buy?

Preformed Line Products Company (NASDAQ:PLPC) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $261.77 and last traded at $260.07, with a volume of 71312 shares changing hands. The stock had previously closed at $250.94.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PLPC. Wall Street Zen downgraded Preformed Line Products from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Preformed Line Products in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy”.

Preformed Line Products Trading Up 3.6%

The company has a 50 day moving average of $226.61 and a 200 day moving average of $204.39. 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 stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 34.45 and a beta of 0.77.

Preformed Line Products Increases Dividend

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

Hedge Funds Weigh In On Preformed Line Products

A number of institutional investors have recently added to or reduced their stakes in the stock. Bosun Asset Management LLC purchased a new position in Preformed Line Products during the second quarter worth about $903,000. TrueMark Investments LLC acquired a new stake in shares of Preformed Line Products during the 2nd quarter worth approximately $2,521,000. Grantham Mayo Van Otterloo & Co. LLC raised its position in shares of Preformed Line Products by 9.3% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 78,818 shares of the technology company’s stock valued at $12,596,000 after buying an additional 6,718 shares during the period. American Century Companies Inc. lifted its holdings in Preformed Line Products by 13.4% in the second quarter. American Century Companies Inc. now owns 81,774 shares of the technology company’s stock valued at $13,068,000 after acquiring an additional 9,637 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in Preformed Line Products by 9,919.7% in the second quarter. Quantbot Technologies LP now owns 7,615 shares of the technology company’s stock valued at $1,217,000 after acquiring an additional 7,539 shares during the last quarter. Hedge funds and other institutional investors own 41.19% of the company’s stock.

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.