BT Investment Management Ltd Acquires Shares of 6,298 PPG Industries, Inc. (PPG)
BT Investment Management Ltd acquired a new stake in PPG Industries, Inc. (NYSE:PPG) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,298 shares of the specialty chemicals company’s stock, valued at approximately $693,000.
A number of other large investors have also added to or reduced their stakes in the stock. Amalgamated Bank boosted its stake in PPG Industries by 50.1% in the second quarter. Amalgamated Bank now owns 30,126 shares of the specialty chemicals company’s stock valued at $3,313,000 after buying an additional 10,049 shares in the last quarter. Bruderman Asset Management LLC acquired a new stake in PPG Industries in the second quarter valued at about $105,000. TCI Wealth Advisors Inc. boosted its stake in PPG Industries by 1.6% in the second quarter. TCI Wealth Advisors Inc. now owns 3,931 shares of the specialty chemicals company’s stock valued at $432,000 after buying an additional 61 shares in the last quarter. Norinchukin Bank The boosted its stake in PPG Industries by 6.4% in the second quarter. Norinchukin Bank The now owns 17,779 shares of the specialty chemicals company’s stock valued at $1,955,000 after buying an additional 1,072 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in PPG Industries by 4.0% in the second quarter. Teachers Advisors LLC now owns 331,043 shares of the specialty chemicals company’s stock valued at $36,401,000 after buying an additional 12,835 shares in the last quarter. 73.92% of the stock is currently owned by institutional investors and hedge funds.
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Several analysts recently weighed in on PPG shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Friday, May 26th. Argus raised PPG Industries from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $114.00 price objective (up from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. BidaskClub raised PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Deutsche Bank AG raised their price objective on PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, July 21st. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average target price of $115.19.
PPG Industries, Inc. (PPG) opened at 108.81 on Thursday. The company has a 50 day moving average price of $104.24 and a 200-day moving average price of $106.76. The firm has a market capitalization of $27.91 billion, a price-to-earnings ratio of 28.63 and a beta of 1.55. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting 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 return on equity of 29.47% and a net margin of 6.79%. PPG Industries’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 EPS. On average, analysts forecast that PPG Industries, Inc. will post $6.10 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, August 8th. 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 1.65%. PPG Industries’s dividend payout ratio is currently 46.88%.
In related news, 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 completion of the sale, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $1,997,049.60. Following the sale, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
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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