Short Interest in Preformed Line Products (NASDAQ:PLPC) Drops By 22.2%

Preformed Line Products (NASDAQ:PLPC) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totalling 35,400 shares, a decline of 22.2% from the August 31st total of 45,500 shares. Based on an average daily trading volume, of 16,400 shares, the short-interest ratio is presently 2.2 days. Approximately 1.1% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Preformed Line Products from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 7th.

Hedge Funds Weigh In On Preformed Line Products

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Preformed Line Products by 5.0% during the first quarter. Vanguard Group Inc. now owns 73,040 shares of the technology company’s stock worth $9,398,000 after purchasing an additional 3,489 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Preformed Line Products by 0.3% in the second quarter. Renaissance Technologies LLC now owns 66,600 shares of the technology company’s stock valued at $8,294,000 after buying an additional 200 shares during the period. Bank of New York Mellon Corp lifted its holdings in Preformed Line Products by 3.7% in the second quarter. Bank of New York Mellon Corp now owns 27,390 shares of the technology company’s stock valued at $3,411,000 after buying an additional 984 shares during the period. CM Management LLC lifted its holdings in Preformed Line Products by 48.6% in the first quarter. CM Management LLC now owns 26,000 shares of the technology company’s stock valued at $3,345,000 after buying an additional 8,500 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Preformed Line Products by 10.4% in the second quarter. AQR Capital Management LLC now owns 17,936 shares of the technology company’s stock valued at $2,234,000 after buying an additional 1,687 shares during the period. 41.19% of the stock is currently owned by institutional investors and hedge funds.

Preformed Line Products Price Performance

NASDAQ:PLPC traded up $0.07 on Friday, reaching $130.55. The stock had a trading volume of 19,069 shares, compared to its average volume of 15,953. The company has a market capitalization of $642.04 million, a P/E ratio of 12.63 and a beta of 0.61. Preformed Line Products has a 1-year low of $104.96 and a 1-year high of $170.83. The company has a quick ratio of 1.57, a current ratio of 2.93 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $121.04 and a 200-day moving average price of $124.71.

Preformed Line Products (NASDAQ:PLPC) last released its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.89 EPS for the quarter. The firm had revenue of $138.72 million for the quarter. Preformed Line Products had a net margin of 6.90% and a return on equity of 9.83%.

Preformed Line Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.61%. Preformed Line Products’s payout ratio is 7.74%.

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.