State of New Jersey Common Pension Fund D Reduces Stake in PPG Industries, Inc. (NYSE:PPG)
State of New Jersey Common Pension Fund D cut its position in PPG Industries, Inc. (NYSE:PPG) by 70.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,000 shares of the specialty chemicals company’s stock after selling 260,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in PPG Industries were worth $12,096,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in PPG Industries by 2.9% in the first quarter. Vanguard Group Inc. now owns 19,441,146 shares of the specialty chemicals company’s stock worth $2,042,875,000 after buying an additional 541,039 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in PPG Industries by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock worth $1,948,708,000 after buying an additional 216,278 shares during the last quarter. 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 buying an additional 13,902,595 shares during the last quarter. Clearbridge Investments LLC increased its stake in PPG Industries by 4.7% in the first quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock worth $524,545,000 after buying an additional 222,376 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock worth $442,716,000 after buying an additional 3,643,443 shares during the last quarter. Institutional investors and hedge funds own 71.81% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) opened at 103.37 on Thursday. The company’s 50-day moving average is $108.78 and its 200-day moving average is $106.20. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67. The stock has a market capitalization of $26.51 billion, a P/E ratio of 27.20 and a beta of 1.54.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $1.73 EPS. Equities analysts anticipate that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.45 per share. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, August 8th. PPG Industries’s dividend payout ratio (DPR) is currently 46.88%.
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A number of analysts recently commented on PPG shares. SunTrust Banks, Inc. downgraded shares of PPG Industries from a “buy” rating to a “hold” rating and dropped their target price for the stock from $120.00 to $113.00 in a report on Monday, July 24th. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 target price (up from $113.00) on shares of PPG Industries in a report on Tuesday, April 18th. Barclays PLC boosted their target price on shares of PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, April 24th. Finally, Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $114.50.
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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