Bank of New York Mellon Corp Sells 5,453 Shares of Preformed Line Products (NASDAQ:PLPC)

Bank of New York Mellon Corp cut its holdings in shares of Preformed Line Products (NASDAQ:PLPC) by 21.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,032 shares of the technology company’s stock after selling 5,453 shares during the period. Bank of New York Mellon Corp owned about 0.41% of Preformed Line Products worth $2,560,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Truvestments Capital LLC bought a new position in shares of Preformed Line Products during the 3rd quarter worth about $103,000. SG Americas Securities LLC boosted its position in Preformed Line Products by 13.1% during the fourth quarter. SG Americas Securities LLC now owns 1,053 shares of the technology company’s stock worth $135,000 after purchasing an additional 122 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Preformed Line Products by 13.1% in the third quarter. BNP Paribas Financial Markets now owns 2,371 shares of the technology company’s stock worth $304,000 after acquiring an additional 274 shares during the period. Quest Partners LLC increased its position in shares of Preformed Line Products by 62.4% during the third quarter. Quest Partners LLC now owns 2,554 shares of the technology company’s stock valued at $327,000 after buying an additional 981 shares during the period. Finally, Walleye Capital LLC bought a new position in shares of Preformed Line Products in the third quarter worth $348,000. 41.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research note on Tuesday.

Preformed Line Products Stock Performance

Shares of NASDAQ:PLPC opened at $148.54 on Friday. The company has a 50-day moving average price of $135.52 and a 200-day moving average price of $130.20. The company has a market cap of $733.94 million, a price-to-earnings ratio of 22.30 and a beta of 0.62. The company has a current ratio of 2.81, a quick ratio of 1.56 and a debt-to-equity ratio of 0.06. 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 posted its quarterly earnings data on Thursday, March 13th. The technology company reported $2.13 earnings per share for the quarter. The business had revenue of $167.12 million for the quarter. Preformed Line Products had a return on equity of 7.88% and a net margin of 5.76%.

Preformed Line Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Tuesday, April 1st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.54%. Preformed Line Products’s dividend payout ratio is presently 10.67%.

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.