Arrowstreet Capital Limited Partnership Trims Holdings in Preformed Line Products (NASDAQ:PLPC)

Arrowstreet Capital Limited Partnership reduced its position in shares of Preformed Line Products (NASDAQ:PLPC) by 31.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,964 shares of the technology company’s stock after selling 7,351 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.33% of Preformed Line Products worth $2,040,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position in Preformed Line Products by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 32,574 shares of the technology company’s stock worth $4,172,000 after buying an additional 471 shares in the last quarter. FMR LLC lifted its holdings in shares of Preformed Line Products by 27.7% in the 3rd quarter. FMR LLC now owns 25,091 shares of the technology company’s stock valued at $3,214,000 after acquiring an additional 5,442 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Preformed Line Products by 13.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,371 shares of the technology company’s stock worth $304,000 after purchasing an additional 274 shares during the period. Janus Henderson Group PLC boosted its stake in Preformed Line Products by 5.0% during the third quarter. Janus Henderson Group PLC now owns 7,885 shares of the technology company’s stock worth $1,010,000 after buying an additional 376 shares during the period. Finally, Barclays PLC boosted its stake in shares of Preformed Line Products by 135.6% during the 3rd quarter. Barclays PLC now owns 4,989 shares of the technology company’s stock worth $638,000 after purchasing an additional 2,871 shares during the period. Institutional investors own 41.19% of the company’s stock.

Preformed Line Products Trading Down 3.9 %

PLPC opened at $136.84 on Friday. The firm has a market cap of $676.13 million, a price-to-earnings ratio of 20.55 and a beta of 0.65. The company has a current ratio of 2.81, a quick ratio of 1.56 and a debt-to-equity ratio of 0.06. The stock has a fifty day moving average price of $137.59 and a 200-day moving average price of $132.87. Preformed Line Products has a 12 month low of $109.01 and a 12 month high of $154.90.

Preformed Line Products (NASDAQ:PLPC) last announced its quarterly earnings data on Thursday, March 13th. The technology company reported $2.13 EPS for the quarter. Preformed Line Products had a net margin of 5.76% and a return on equity of 7.88%. The firm had revenue of $167.12 million during the quarter.

Preformed Line Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Tuesday, April 1st will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Tuesday, April 1st. Preformed Line Products’s dividend payout ratio is currently 10.67%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Preformed Line Products from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 18th.

About Preformed Line Products

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.