Preformed Line Products (NASDAQ:PLPC) Sees Large Increase in Short Interest

Preformed Line Products (NASDAQ:PLPC) was the target of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 35,200 shares, an increase of 23.9% from the May 31st total of 28,400 shares. Based on an average daily volume of 14,900 shares, the days-to-cover ratio is presently 2.4 days. Approximately 1.5% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Invesco Ltd. grew its position in Preformed Line Products by 215.5% in the third quarter. Invesco Ltd. now owns 68,311 shares of the technology company’s stock valued at $11,106,000 after acquiring an additional 46,656 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Preformed Line Products by 84.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,294 shares of the technology company’s stock valued at $5,088,000 after acquiring an additional 14,363 shares during the last quarter. CM Management LLC grew its holdings in shares of Preformed Line Products by 48.6% during the first quarter. CM Management LLC now owns 26,000 shares of the technology company’s stock worth $3,345,000 after purchasing an additional 8,500 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Preformed Line Products by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 367,708 shares of the technology company’s stock worth $49,222,000 after purchasing an additional 5,913 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings 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 during the last quarter. Institutional investors own 41.19% of the company’s stock.

Preformed Line Products Stock Down 0.3 %

Shares of NASDAQ PLPC traded down $0.41 during trading hours on Tuesday, hitting $121.09. The company had a trading volume of 8,144 shares, compared to its average volume of 15,911. The firm’s 50 day moving average is $128.61 and its 200-day moving average is $128.39. Preformed Line Products has a 1-year low of $104.96 and a 1-year high of $184.82. The stock has a market capitalization of $595.76 million, a P/E ratio of 11.75 and a beta of 0.65. The company has a quick ratio of 1.73, a current ratio of 3.15 and a debt-to-equity ratio of 0.12.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly earnings results on Wednesday, May 1st. The technology company reported $1.94 earnings per share (EPS) for the quarter. Preformed Line Products had a return on equity of 12.67% and a net margin of 8.20%. The business had revenue of $140.90 million during the quarter.

Preformed Line Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Monday, July 1st will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Monday, July 1st. Preformed Line Products’s payout ratio is currently 7.74%.

Analysts Set New Price Targets

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

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.