Ajo LP Takes Position in PPG Industries Inc. (PPG)
Ajo LP bought a new stake in PPG Industries Inc. (NYSE:PPG) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 11,706 shares of the company’s stock, valued at approximately $1,219,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Virginia Retirement System acquired a new position in PPG Industries during the first quarter valued at $10,131,000. Nisa Investment Advisors L.L.C. raised its position in PPG Industries by 17.1% in the first quarter. Nisa Investment Advisors L.L.C. now owns 43,910 shares of the company’s stock valued at $4,896,000 after buying an additional 6,400 shares during the period. Mn Services Vermogensbeheer B.V. acquired a new position in PPG Industries during the first quarter valued at $656,000. Aperio Group LLC raised its position in PPG Industries by 8.7% in the first quarter. Aperio Group LLC now owns 124,027 shares of the company’s stock valued at $13,828,000 after buying an additional 9,961 shares during the period. Finally, Commonwealth Equity Services Inc raised its position in PPG Industries by 5.0% in the first quarter. Commonwealth Equity Services Inc now owns 69,561 shares of the company’s stock valued at $7,755,000 after buying an additional 3,338 shares during the period. 72.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 0.2868% during trading on Tuesday, hitting $101.3699. The stock had a trading volume of 325,697 shares. The firm has a market cap of $26.99 billion, a PE ratio of 18.7306 and a beta of 1.44. PPG Industries Inc. has a 52-week low of $82.93 and a 52-week high of $117.00. The stock has a 50 day moving average of $104.45 and a 200 day moving average of $107.34.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.85. The company earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 earnings per share. On average, equities analysts anticipate that PPG Industries Inc. will post $6.19 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio (DPR) is currently 29.57%.
PPG has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Seaport Global Securities raised PPG Industries from an “accumulate” rating to a “buy” rating and boosted their target price for the company from $125.00 to $130.00 in a research report on Tuesday, July 26th. Zacks Investment Research lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a research report on Wednesday, June 15th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Friday, June 17th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $121.17.
In related news, VP Timothy M. Knavish sold 9,300 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the sale, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now directly owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
About PPG Industries
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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