Renaissance Technologies LLC Increases Stake in PPG Industries, Inc. (NYSE:PPG)

Renaissance Technologies LLC grew its stake in PPG Industries, Inc. (NYSE:PPG) by 2,844.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 238,500 shares of the specialty chemicals company’s stock after buying an additional 230,400 shares during the quarter. Renaissance Technologies LLC owned 0.10% of PPG Industries worth $27,835,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American National Bank purchased a new position in shares of PPG Industries in the 2nd quarter valued at about $25,000. Coastal Investment Advisors Inc. raised its position in shares of PPG Industries by 280.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 228 shares of the specialty chemicals company’s stock worth $27,000 after acquiring an additional 168 shares in the last quarter. Westside Investment Management Inc. acquired a new stake in shares of PPG Industries during the 2nd quarter worth about $29,000. Zions Bancorporation N.A. acquired a new stake in shares of PPG Industries during the 1st quarter worth about $34,000. Finally, Berman Capital Advisors LLC raised its position in shares of PPG Industries by 49.5% during the 1st quarter. Berman Capital Advisors LLC now owns 323 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 107 shares in the last quarter. Institutional investors and hedge funds own 77.33% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Societe Generale assumed coverage on PPG Industries in a research report on Tuesday, July 9th. They set a “buy” rating and a $138.00 target price on the stock. Barclays raised their target price on PPG Industries from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Credit Suisse Group set a $115.00 target price on PPG Industries and gave the stock a “hold” rating in a research report on Friday, July 19th. Royal Bank of Canada raised their target price on PPG Industries from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, Bank of America lowered PPG Industries from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $135.00 to $103.00 in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. PPG Industries has an average rating of “Hold” and a consensus target price of $122.33.

In other PPG Industries news, VP Vadlamannati Ramaprasad sold 13,904 shares of PPG Industries stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $117.12, for a total transaction of $1,628,436.48. Following the transaction, the vice president now owns 29,617 shares of the company’s stock, valued at $3,468,743.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.37% of the company’s stock.

PPG traded up $1.17 during trading on Friday, hitting $119.38. 785,993 shares of the stock were exchanged, compared to its average volume of 917,809. The firm has a market capitalization of $27.93 billion, a P/E ratio of 20.28, a PEG ratio of 2.05 and a beta of 1.23. PPG Industries, Inc. has a 1-year low of $94.37 and a 1-year high of $121.29. The stock has a fifty day moving average price of $113.09 and a two-hundred day moving average price of $113.58. The company has a quick ratio of 1.01, a current ratio of 1.43 and a debt-to-equity ratio of 1.04.

PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.83 by $0.02. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $4.10 billion. PPG Industries had a return on equity of 27.89% and a net margin of 8.07%. The firm’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 earnings per share. Analysts predict that PPG Industries, Inc. will post 6.27 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were given a dividend of $0.51 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, August 9th. This represents a $2.04 annualized dividend and a yield of 1.71%. PPG Industries’s payout ratio is 34.46%.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.

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Institutional Ownership by Quarter for PPG Industries (NYSE:PPG)

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