CIBC World Markets Inc. Reduces Holdings in PPG Industries, Inc. (PPG)
CIBC World Markets Inc. trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 47.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,383 shares of the specialty chemicals company’s stock after selling 10,326 shares during the period. CIBC World Markets Inc.’s holdings in PPG Industries were worth $1,252,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of PPG. Harbour Capital Advisors LLC raised its holdings in shares of PPG Industries by 10,896.0% during the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after purchasing an additional 10,896 shares during the period. V Wealth Management LLC acquired a new stake in shares of PPG Industries during the second quarter worth $112,000. State of Alaska Department of Revenue acquired a new stake in shares of PPG Industries during the second quarter worth $113,000. Global X Management Co. LLC raised its holdings in shares of PPG Industries by 26.7% during the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the period. Finally, First Interstate Bank raised its holdings in shares of PPG Industries by 3.1% during the second quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after purchasing an additional 35 shares during the period. 74.17% of the stock is currently owned by institutional investors.
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A number of analysts have weighed in on the stock. Deutsche Bank AG increased their target price on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, July 21st. BidaskClub cut shares of PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Robert W. Baird reissued a “buy” rating and set a $115.00 target price on shares of PPG Industries in a report on Friday, September 1st. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.61 to $136.00 in a report on Wednesday, July 5th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $109.00 target price on shares of PPG Industries in a report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $115.19.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 18,616 shares of the business’s 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 completion of the sale, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $100.80, for a total value of $1,997,049.60. Following the sale, the vice president now directly owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) opened at 106.53 on Friday. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $113.67. The stock’s 50 day moving average is $104.13 and its 200 day moving average is $106.60. The company has a market cap of $27.32 billion, a price-to-earnings ratio of 28.03 and a beta of 1.55.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.73 EPS. Equities research analysts forecast that PPG Industries, Inc. will post $6.10 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were issued 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 yield of 1.69%. The ex-dividend date was Tuesday, August 8th. PPG Industries’s payout ratio is currently 46.88%.
PPG Industries 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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