Bruderman Asset Management LLC bought a new position in PPG Industries, Inc. (NYSE:PPG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 955 shares of the specialty chemicals company’s stock, valued at approximately $105,000.
A number of other hedge funds also recently modified their holdings of the stock. TCI Wealth Advisors Inc. boosted its holdings in PPG Industries by 1.6% in the second quarter. TCI Wealth Advisors Inc. now owns 3,931 shares of the specialty chemicals company’s stock worth $432,000 after purchasing an additional 61 shares during the last quarter. Norinchukin Bank The boosted its stake in shares of PPG Industries by 6.4% during the 2nd quarter. Norinchukin Bank The now owns 17,779 shares of the specialty chemicals company’s stock worth $1,955,000 after acquiring an additional 1,072 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of PPG Industries by 4.0% during the 2nd quarter. Teachers Advisors LLC now owns 331,043 shares of the specialty chemicals company’s stock worth $36,401,000 after acquiring an additional 12,835 shares during the last quarter. Stephens Inc. AR boosted its stake in shares of PPG Industries by 2.5% during the 2nd quarter. Stephens Inc. AR now owns 34,643 shares of the specialty chemicals company’s stock worth $3,809,000 after acquiring an additional 840 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of PPG Industries by 8.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,311 shares of the specialty chemicals company’s stock worth $804,000 after acquiring an additional 584 shares during the last quarter. Institutional investors own 74.17% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE PPG) traded down 0.36% on Friday, reaching $106.10. 445,181 shares of the company’s stock traded hands. PPG Industries, Inc. has a 52 week low of $89.64 and a 52 week high of $113.67. The stock’s 50-day moving average price is $104.13 and its 200-day moving average price is $106.60. The stock has a market capitalization of $27.21 billion, a price-to-earnings ratio of 27.91 and a beta of 1.55.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.83. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. Equities analysts predict that PPG Industries, Inc. will post $6.10 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, August 8th. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is currently 46.88%.
PPG has been the topic of several recent analyst reports. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a research report on Monday, May 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a report on Thursday, July 6th. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Credit Suisse Group set a $113.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research note on Sunday, July 23rd. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $115.19.
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In related news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 15,545 shares in the company, valued at $1,593,207.05. 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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