State Street Corp Cuts Holdings in PPG Industries, Inc. (PPG)
State Street Corp trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,779,678 shares of the specialty chemicals company’s stock after selling 430,316 shares during the quarter. State Street Corp owned approximately 4.59% of PPG Industries worth $1,295,308,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Polaris Greystone Financial Group LLC bought a new stake in PPG Industries during the 2nd quarter valued at approximately $1,518,000. AXA boosted its position in PPG Industries by 47.4% during the 2nd quarter. AXA now owns 828,685 shares of the specialty chemicals company’s stock valued at $91,122,000 after acquiring an additional 266,457 shares in the last quarter. Great Lakes Advisors LLC boosted its position in PPG Industries by 214.1% during the 2nd quarter. Great Lakes Advisors LLC now owns 6,662 shares of the specialty chemicals company’s stock valued at $733,000 after acquiring an additional 4,541 shares in the last quarter. BlackRock Inc. boosted its position in PPG Industries by 2,006.8% during the 1st quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after acquiring an additional 13,902,595 shares in the last quarter. Finally, AE Wealth Management LLC bought a new stake in PPG Industries during the 1st quarter valued at approximately $288,000. 73.92% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on PPG shares. Robert W. Baird reaffirmed a “buy” rating and set a $115.00 price objective on shares of PPG Industries in a research report on Friday, September 1st. Argus raised PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.61 to $136.00 in a research report on Wednesday, July 5th. Deutsche Bank AG lifted their price objective on PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, July 21st. Royal Bank Of Canada reaffirmed a “hold” rating and set a $109.00 price objective on shares of PPG Industries in a research report on Wednesday, September 13th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $114.00 price objective (up 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $115.31.
Shares of PPG Industries, Inc. (PPG) traded up 0.22% during mid-day trading on Friday, hitting $113.28. The stock had a trading volume of 1,197,958 shares. The stock has a market cap of $29.05 billion, a P/E ratio of 29.80 and a beta of 1.55. The company’s 50 day moving average is $106.65 and its 200-day moving average is $107.35. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $114.15.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate 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 was up .6% compared to the same quarter last year. During the same period last year, the firm earned $1.73 earnings per share. On average, equities research analysts anticipate that PPG Industries, Inc. will post $6.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.59%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 8th. PPG Industries’s dividend payout ratio (DPR) is 46.88%.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the completion of the sale, the insider now directly owns 15,545 shares in the company, valued at $1,593,207.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction that occurred on 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 $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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