Public Sector Pension investment Board Has $3.19 Million Stake in PPG Industries, Inc. (PPG)
Public Sector Pension investment Board trimmed its stake in PPG Industries, Inc. (NYSE:PPG) by 50.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,006 shares of the specialty chemicals company’s stock after selling 29,500 shares during the period. Public Sector Pension investment Board’s holdings in PPG Industries were worth $3,189,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Polaris Greystone Financial Group LLC purchased a new stake in PPG Industries in the 2nd quarter worth $1,518,000. AXA increased its stake in PPG Industries by 47.4% in the 2nd quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock worth $91,122,000 after buying an additional 266,457 shares in the last quarter. BlackRock Inc. increased its stake in PPG Industries by 2,006.8% in the 1st 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 in the last quarter. AE Wealth Management LLC purchased a new stake in PPG Industries in the 1st quarter worth $288,000. Finally, Great Lakes Advisors LLC increased its stake in PPG Industries by 214.1% in the 2nd quarter. Great Lakes Advisors LLC now owns 6,662 shares of the specialty chemicals company’s stock worth $733,000 after buying an additional 4,541 shares in the last quarter. Institutional investors and hedge funds own 73.92% of the company’s stock.
A number of brokerages have issued reports on PPG. SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and cut their price target for the stock from $120.00 to $113.00 in a research note on Monday, July 24th. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research note on Friday, September 15th. Royal Bank Of Canada reiterated a “hold” rating and issued a $109.00 price target on shares of PPG Industries in a research note on Wednesday, August 9th. Finally, BidaskClub lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. PPG Industries presently has a consensus rating of “Hold” and an average price target of $115.19.
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In related news, VP Glenn E. Bost II sold 19,812 shares of the company’s 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 owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the sale, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.
PPG Industries, Inc. (PPG) opened at 108.76 on Monday. The stock’s 50 day moving average price is $104.24 and its 200-day moving average price is $106.76. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67. The stock has a market cap of $27.89 billion, a price-to-earnings ratio of 28.61 and a beta of 1.55.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting analysts’ consensus estimates of $1.83. The business 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 company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.73 earnings per share. Equities analysts expect that PPG Industries, Inc. will post $6.10 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were paid a dividend of $0.45 per share. The ex-dividend date was Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.66%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is currently 46.88%.
About PPG Industries
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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