Riverwater Partners LLC has acquired a new stake in Preformed Line Products Company, investing approximately $628,000 to purchase 3,204 shares during the third quarter of 2023. This acquisition was disclosed in the firm’s most recent Form 13F filing with the Securities and Exchange Commission.
Institutional interest in Preformed Line Products has surged, as other hedge funds and investment firms have adjusted their holdings. For instance, American Century Companies Inc. increased its position by 13.4% in the second quarter, now holding 81,774 shares valued at approximately $13.07 million. Similarly, Grantham Mayo Van Otterloo & Co. LLC raised its stake by 9.3%, owning 78,818 shares worth around $12.6 million.
Geode Capital Management LLC and First Trust Advisors LP have also bolstered their investments. Geode increased its holdings by 0.5%, bringing its total to 66,667 shares, valued at $10.66 million, while First Trust Advisors LP raised its stake by 7.4%, now holding 24,412 shares worth about $3.9 million. Arrowstreet Capital Limited Partnership made the most significant move, boosting its position by 45.4%, now owning 23,497 shares valued at approximately $3.76 million. Overall, institutional investors and hedge funds currently hold 41.19% of Preformed Line Products’ stock.
Stock Performance and Dividend Announcement
On Tuesday, shares of Preformed Line Products Company (NASDAQ: PLPC) opened at $240.92. The company’s stock has a 50-day simple moving average of $220.59 and a 200-day moving average of $201.22. Financial metrics reveal a debt-to-equity ratio of 0.07, a current ratio of 3.09, and a quick ratio of 1.84. The company’s market capitalization stands at $1.18 billion, with a price-to-earnings (P/E) ratio of 31.91. Over the past year, the stock has fluctuated between a low of $118.99 and a high of $251.66.
In addition to the recent investment news, Preformed Line Products announced an increase in its quarterly dividend. Investors of record on January 5, 2024, received a dividend of $0.21 per share, up from the previous $0.20. This raises the annualized dividend to $0.84, resulting in a yield of 0.3%. The company’s payout ratio is currently 11.13%.
Market Analysts’ Insights
Several financial analysts have weighed in on Preformed Line Products. Weiss Ratings reaffirmed a “buy (B-)” rating on the stock in a report issued on December 29, 2023. Meanwhile, Wall Street Zen downgraded its rating from “strong-buy” to “buy” in a research note dated November 1, 2023. According to MarketBeat.com, the consensus rating for Preformed Line Products remains a solid “buy,” supported by positive sentiments from analysts.
Preformed Line Products Company is a global leader in manufacturing engineered solutions for electric, telecommunications, and industrial infrastructure networks. Founded in 1947 and headquartered in Mayfield Village, Ohio, the company designs and produces a diverse range of products, including wire and cable fittings, anchors, suspension and tension clamps, splice closures, and optical fiber hardware. These durable components are essential for the installation, maintenance, and repair of overhead and underground systems, ensuring reliability and safety in demanding environments.
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