First National Bank of Omaha purchased a new position in Preformed Line Products Company (NASDAQ:PLPC – Free Report) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 1,280 shares of the technology company’s stock, valued at approximately $526,000.
A number of other large investors have also made changes to their positions in PLPC. Wasatch Advisors LP grew its stake in Preformed Line Products by 234.3% during the 2nd quarter. Wasatch Advisors LP now owns 377,367 shares of the technology company’s stock worth $154,932,000 after buying an additional 264,478 shares during the last quarter. BlackRock Inc. acquired a new stake in Preformed Line Products in the second quarter worth about $93,241,000. HighTower Advisors LLC grew its stake in shares of Preformed Line Products by 11.6% during the fourth quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock worth $199,720,000 after acquiring an additional 100,113 shares during the last quarter. Informed Momentum Co LLC purchased a new stake in shares of Preformed Line Products during the fourth quarter worth about $4,640,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Preformed Line Products by 81.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 42,713 shares of the technology company’s stock valued at $8,378,000 after acquiring an additional 19,216 shares in the last quarter. 41.19% of the stock is owned by institutional investors and hedge funds.
Preformed Line Products Stock Performance
PLPC opened at $434.74 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.99 and a quick ratio of 1.88. The firm has a fifty day moving average price of $381.09 and a 200 day moving average price of $331.57. Preformed Line Products Company has a 1 year low of $177.18 and a 1 year high of $504.69. The stock has a market cap of $2.13 billion, a P/E ratio of 48.96 and a beta of 0.91.
Preformed Line Products Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Wednesday, July 1st were issued a $0.21 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.84 dividend on an annualized basis and a yield of 0.2%. Preformed Line Products’s dividend payout ratio (DPR) is presently 9.46%.
Analysts Set New Price Targets
Several research firms have weighed in on PLPC. Weiss Ratings raised shares of Preformed Line Products from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Freedom Capital upgraded shares of Preformed Line Products from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Strong Buy” and a consensus price target of $275.00.
Check Out Our Latest Analysis on PLPC
Insider Transactions at Preformed Line Products
In other news, Director Glen E. Corlett sold 2,000 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $457.02, for a total value of $914,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 33.00% of the stock is currently owned by company insiders.
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.
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