Tredje AP fonden lessened its position in PPG Industries, Inc. (NYSE:PPG) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,222 shares of the specialty chemicals company’s stock after selling 1,130 shares during the quarter. Tredje AP fonden’s holdings in PPG Industries were worth $2,444,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC lifted its holdings in shares of PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after acquiring an additional 10,896 shares during the last quarter. V Wealth Management LLC purchased a new position in PPG Industries in the 2nd quarter worth about $112,000. State of Alaska Department of Revenue purchased a new position in PPG Industries in the 2nd quarter worth about $113,000. Global X Management Co. LLC increased its stake in PPG Industries by 26.7% in the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 249 shares during the period. Finally, First Interstate Bank increased its stake in PPG Industries by 3.1% in the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after buying an additional 35 shares during the period. Hedge funds and other institutional investors own 74.17% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 106.30 on Friday. The company’s 50 day moving average is $104.13 and its 200-day moving average is $106.63. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67. The stock has a market capitalization of $27.26 billion, a price-to-earnings ratio of 27.97 and a beta of 1.55.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 EPS. Equities analysts anticipate that PPG Industries, Inc. will post $6.10 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were paid a dividend of $0.45 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, August 8th. This represents a $1.80 annualized dividend and a yield of 1.69%. PPG Industries’s dividend payout ratio is presently 46.88%.
A number of research analysts have commented on the stock. SunTrust Banks, Inc. downgraded shares of PPG Industries from a “buy” rating to a “hold” rating and cut their target price for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research report on Friday. BidaskClub downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, Credit Suisse Group set a $113.00 target price on shares of PPG Industries and gave the stock a “buy” rating in a research note on Sunday, July 23rd. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $115.19.
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In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $102.49, for a total value of $1,907,953.84. Following the completion of the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $100.80, for a total value of $1,997,049.60. Following the completion of the transaction, the vice president now directly owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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