Short Interest in Preformed Line Products (NASDAQ:PLPC) Grows By 89.3%

Preformed Line Products (NASDAQ:PLPC) was the recipient of a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 68,900 shares, an increase of 89.3% from the January 31st total of 36,400 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily volume of 20,500 shares, the days-to-cover ratio is currently 3.4 days.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Preformed Line Products from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Preformed Line Products in the fourth quarter worth $1,712,000. Pullen Investment Management LLC purchased a new position in shares of Preformed Line Products in the fourth quarter valued at $605,000. Janus Henderson Group PLC increased its position in shares of Preformed Line Products by 13.9% in the fourth quarter. Janus Henderson Group PLC now owns 8,983 shares of the technology company’s stock valued at $1,149,000 after buying an additional 1,098 shares in the last quarter. Northern Trust Corp increased its position in shares of Preformed Line Products by 1.2% in the fourth quarter. Northern Trust Corp now owns 35,732 shares of the technology company’s stock valued at $4,566,000 after buying an additional 429 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Preformed Line Products by 12.4% in the fourth quarter. First Trust Advisors LP now owns 22,481 shares of the technology company’s stock valued at $2,873,000 after buying an additional 2,480 shares in the last quarter. Hedge funds and other institutional investors own 41.19% of the company’s stock.

Preformed Line Products Price Performance

NASDAQ:PLPC traded down $0.29 during trading hours on Friday, hitting $130.28. The company’s stock had a trading volume of 18,117 shares, compared to its average volume of 26,164. The business’s 50-day moving average is $134.19 and its two-hundred day moving average is $129.00. The company has a market capitalization of $638.11 million, a PE ratio of 19.56 and a beta of 0.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.56 and a current ratio of 2.81. Preformed Line Products has a 52-week low of $109.01 and a 52-week high of $154.90.

Preformed Line Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 21st. Shareholders of record on Tuesday, January 7th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.61%. The ex-dividend date was Tuesday, January 7th. Preformed Line Products’s payout ratio is 12.01%.

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.