South State Corp Trims Position in PPG Industries, Inc. (PPG)
South State Corp lowered its position in shares of PPG Industries, Inc. (NYSE:PPG) by 2.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,172 shares of the specialty chemicals company’s stock after selling 150 shares during the period. South State Corp’s holdings in PPG Industries were worth $569,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of PPG. Harbour Capital Advisors LLC grew its position in PPG Industries by 10,896.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after acquiring an additional 10,896 shares during the last quarter. V Wealth Management LLC bought a new stake in PPG Industries during the 2nd quarter worth $112,000. State of Alaska Department of Revenue bought a new stake in PPG Industries during the 2nd quarter worth $113,000. Global X Management Co. LLC grew its position in PPG Industries by 26.7% during the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after acquiring an additional 249 shares during the last quarter. Finally, First Interstate Bank grew its position in PPG Industries by 3.1% during the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after acquiring an additional 35 shares during the last quarter. Institutional investors and hedge funds own 74.17% of the company’s stock.
In other 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 completion of the sale, the vice president now directly 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 accessible through the SEC website. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the sale, the insider now owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) traded down 0.97% on Wednesday, hitting $105.65. The stock had a trading volume of 127,440 shares. The firm has a market capitalization of $27.10 billion, a price-to-earnings ratio of 27.80 and a beta of 1.55. The firm has a 50 day moving average of $104.16 and a 200-day moving average of $106.59. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.83. The company had revenue of $3.81 billion during 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 revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 earnings per share. Equities analysts predict that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were issued a dividend of $0.45 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, August 8th. PPG Industries’s dividend payout ratio is currently 46.88%.
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A number of brokerages recently weighed in on PPG. BidaskClub upgraded PPG Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Credit Suisse Group restated an “outperform” rating and set a $114.00 price objective (up previously from $109.00) on shares of PPG Industries in a research report on Monday, July 17th. They noted that the move was a valuation call. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research report on Thursday, July 6th. Finally, TheStreet upgraded PPG Industries from a “c+” rating to a “b+” rating in a research report on Monday, May 22nd. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $115.19.
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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