Wells Fargo & Company MN grew its stake in shares of Preformed Line Products (NASDAQ:PLPC) by 51.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,634 shares of the technology company’s stock after buying an additional 1,238 shares during the period. Wells Fargo & Company MN owned 0.07% of Preformed Line Products worth $245,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in shares of Preformed Line Products by 73.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,494 shares of the technology company’s stock valued at $162,000 after purchasing an additional 1,479 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Preformed Line Products by 95.8% in the 2nd quarter. New York State Common Retirement Fund now owns 4,700 shares of the technology company’s stock valued at $218,000 after purchasing an additional 2,299 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Preformed Line Products by 1.0% in the 2nd quarter. Rhumbline Advisers now owns 4,731 shares of the technology company’s stock valued at $220,000 after purchasing an additional 45 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Preformed Line Products by 28.4% in the 2nd quarter. Teachers Advisors LLC now owns 4,849 shares of the technology company’s stock valued at $225,000 after purchasing an additional 1,073 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Preformed Line Products by 10.8% in the 2nd quarter. California State Teachers Retirement System now owns 5,603 shares of the technology company’s stock valued at $260,000 after purchasing an additional 544 shares in the last quarter. 44.74% of the stock is owned by institutional investors.
Preformed Line Products (PLPC) traded down $0.87 on Wednesday, reaching $64.00. 2,000 shares of the company traded hands, compared to its average volume of 10,073. Preformed Line Products has a 52-week low of $44.50 and a 52-week high of $85.63. 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 firm has a market capitalization of $330.28, a price-to-earnings ratio of 19.48 and a beta of 1.23.
The company also recently announced a quarterly dividend, which was paid on Friday, January 19th. Shareholders of record on Tuesday, January 2nd were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Friday, December 29th. Preformed Line Products’s dividend payout ratio (DPR) is 24.02%.
Preformed Line Products declared that its board has initiated a stock repurchase plan on Thursday, December 14th that authorizes the company to repurchase 250,000 shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Separately, BidaskClub lowered shares of Preformed Line Products from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd.
In other Preformed Line Products news, VP J Cecil Curlee, Jr. sold 3,130 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $68.50, for a total value of $214,405.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 37.70% of the stock is currently owned by corporate insiders.
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Preformed Line Products 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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