Comerica Bank Has $12.76 Million Position in PPG Industries, Inc. (PPG)
Comerica Bank cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 0.7% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 121,046 shares of the specialty chemicals company’s stock after selling 894 shares during the period. Comerica Bank’s holdings in PPG Industries were worth $12,757,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Harbour Capital Advisors LLC boosted its stake in PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after buying an additional 10,896 shares in the last quarter. Baystate Wealth Management LLC boosted its stake in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock worth $109,000 after buying an additional 40 shares in the last quarter. V Wealth Management LLC acquired a new stake in PPG Industries during the second quarter worth $112,000. State of Alaska Department of Revenue acquired a new stake in PPG Industries during the second quarter worth $113,000. Finally, Coconut Grove Bank boosted its stake in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 600 shares in the last quarter. Institutional investors own 71.54% of the company’s stock.
PPG Industries, Inc. (PPG) opened at 103.74 on Thursday. The company’s 50 day moving average price is $107.59 and its 200-day moving average price is $106.23. The stock has a market cap of $26.61 billion, a price-to-earnings ratio of 27.29 and a beta of 1.54. PPG Industries, Inc. has a 12-month low of $89.64 and a 12-month high of $113.67.
PPG Industries (NYSE:PPG) last released its quarterly earnings data 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 firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. PPG Industries’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.73 earnings per share. On average, analysts forecast that PPG Industries, Inc. will post $6.11 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be paid a dividend of $0.45 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 annualized dividend and a yield of 1.74%. PPG Industries’s dividend payout ratio is 46.88%.
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A number of research firms have weighed in on PPG. Deutsche Bank AG raised their price target on PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, July 21st. BidaskClub cut PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and raised their price target for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. Bank of America Corporation cut PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price target on the stock. in a research note on Monday, July 24th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research note on Friday, May 26th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. PPG Industries presently has a consensus rating of “Hold” and an average target price of $114.50.
In related news, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the sale, the vice president now owns 52,748 shares in the company, valued at $5,316,998.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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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