New York State Common Retirement Fund decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 694,500 shares of the specialty chemicals company’s stock after selling 14,501 shares during the period. New York State Common Retirement Fund owned about 0.27% of PPG Industries worth $76,367,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Polaris Greystone Financial Group LLC purchased a new stake in PPG Industries in the second quarter worth $1,518,000. AXA increased its stake in PPG Industries by 47.4% in the second quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock worth $91,122,000 after purchasing an additional 266,457 shares during the period. LS Investment Advisors LLC increased its stake in PPG Industries by 18.3% in the first quarter. LS Investment Advisors LLC now owns 31,078 shares of the specialty chemicals company’s stock worth $3,266,000 after purchasing an additional 4,799 shares during the period. Swiss National Bank increased its stake in PPG Industries by 26.1% in the first quarter. Swiss National Bank now owns 935,360 shares of the specialty chemicals company’s stock worth $98,288,000 after purchasing an additional 193,800 shares during the period. Finally, BlackRock Inc. increased its stake in PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after purchasing an additional 13,902,595 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.
In related news, VP Glenn E. Bost II sold 19,812 shares of the business’s stock in a transaction 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 sale, the vice president now owns 52,748 shares in the company, valued at approximately $5,316,998.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the business’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the completion of the sale, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.
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A number of research firms have weighed in on PPG. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Friday, September 15th. Royal Bank Of Canada reiterated a “hold” rating and issued a $109.00 target price on shares of PPG Industries in a research note on Wednesday, September 13th. Robert W. Baird reiterated a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research note on Friday, September 1st. KeyCorp reiterated a “buy” rating and issued a $125.00 target price on shares of PPG Industries in a research note on Friday, August 25th. Finally, Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $115.19.
PPG Industries, Inc. (NYSE:PPG) traded up 0.176% during trading on Wednesday, hitting $108.531. The stock had a trading volume of 43,455 shares. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67. The firm has a 50 day moving average of $104.24 and a 200-day moving average of $106.76. The company has a market cap of $27.84 billion, a P/E ratio of 28.553 and a beta of 1.55.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. The firm had revenue of $3.81 billion for 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 company’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.73 EPS. Equities analysts anticipate that PPG Industries, Inc. will post $6.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is currently 46.88%.
PPG Industries 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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