Traders Sell Shares of PPG Industries Inc. (PPG) on Strength (PPG)
Investors sold shares of PPG Industries Inc. (NYSE:PPG) on strength during trading on Tuesday. $37.92 million flowed into the stock on the tick-up and $62.85 million flowed out of the stock on the tick-down, for a money net flow of $24.93 million out of the stock. Of all companies tracked, PPG Industries had the 0th highest net out-flow for the day. PPG Industries traded up $0.17 for the day and closed at $106.76
A number of research firms recently issued reports on PPG. Seaport Global Securities raised shares of PPG Industries from an “accumulate” rating to a “buy” rating and raised their price objective for the stock from $125.00 to $130.00 in a report on Tuesday. Zacks Investment Research downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a report on Monday. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $121.17.
The firm has a 50 day moving average of $106.82 and a 200 day moving average of $104.56. The firm has a market cap of $28.40 billion and a P/E ratio of 19.73.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.85. The business earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. PPG Industries’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the company posted $1.67 EPS. On average, equities analysts forecast that PPG Industries Inc. will post $6.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Wednesday, August 10th will be issued a $0.40 dividend. The ex-dividend date is Monday, August 8th. This represents a $1.60 annualized dividend and a yield of 1.50%.
Other institutional investors have modified their holdings of the company. Alpine Woods Capital Investors LLC increased its position in shares of PPG Industries by 103.3% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 18,700 shares of the company’s stock valued at $1,848,000 after buying an additional 9,500 shares during the period. Edge Asset Management Inc. boosted its stake in shares of PPG Industries by 21.1% in the fourth quarter. Edge Asset Management Inc. now owns 402,913 shares of the company’s stock worth $39,816,000 after buying an additional 70,088 shares during the last quarter. Burney Co. boosted its stake in shares of PPG Industries by 17.5% in the fourth quarter. Burney Co. now owns 14,637 shares of the company’s stock worth $1,462,000 after buying an additional 2,181 shares during the last quarter. Gluskin Sheff & Assoc Inc. purchased a new stake in shares of PPG Industries during the fourth quarter worth approximately $3,340,000. Finally, Morgan Stanley boosted its stake in shares of PPG Industries by 1.3% in the fourth quarter. Morgan Stanley now owns 1,005,371 shares of the company’s stock worth $99,349,000 after buying an additional 12,898 shares during the last quarter.
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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