Preformed Line Products (NASDAQ:PLPC) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 32,400 shares, a decline of 8.5% from the May 15th total of 35,400 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily trading volume, of 11,500 shares, the days-to-cover ratio is presently 2.8 days.
Several equities analysts have recently issued reports on PLPC shares. BidaskClub upgraded Zillow Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. TheStreet lowered Zumiez from a “b” rating to a “c+” rating in a research report on Thursday, June 6th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA lifted its stake in Preformed Line Products by 550.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 650 shares of the technology company’s stock valued at $35,000 after acquiring an additional 550 shares in the last quarter. SG Americas Securities LLC bought a new stake in Preformed Line Products in the 1st quarter valued at approximately $112,000. Bank of America Corp DE raised its stake in shares of Preformed Line Products by 79.0% during the 4th quarter. Bank of America Corp DE now owns 2,180 shares of the technology company’s stock worth $119,000 after purchasing an additional 962 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Preformed Line Products by 45.0% during the 4th quarter. Rhumbline Advisers now owns 4,363 shares of the technology company’s stock worth $237,000 after purchasing an additional 1,355 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Preformed Line Products by 18.2% during the 4th quarter. First Trust Advisors LP now owns 4,881 shares of the technology company’s stock worth $265,000 after purchasing an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 44.80% of the company’s stock.
Preformed Line Products (NASDAQ:PLPC) last released its earnings results on Friday, May 3rd. The technology company reported $0.36 EPS for the quarter. The firm had revenue of $97.15 million for the quarter. Preformed Line Products had a return on equity of 9.29% and a net margin of 5.45%.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Monday, July 1st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend is Friday, June 28th.
About Preformed Line Products
Preformed Line Products Company, together with its subsidiaries, designs and manufactures products and systems used in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operator, information, and other industries. The company offers formed wire and related hardware products to support, protect, terminate, and secure power conductor and communication cables, as well as to control cable dynamics; and hardware products to support and protect transmission conductors, spacers, spacer-dampers, stockbridge dampers, corona suppression devices, and various compression fittings for dead-end applications.
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