HL Financial Services LLC Decreases Stake in PPG Industries Inc. (PPG)
HL Financial Services LLC cut its stake in PPG Industries Inc. (NYSE:PPG) by 4.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 30,709 shares of the company’s stock after selling 1,431 shares during the period. HL Financial Services LLC’s holdings in PPG Industries were worth $3,198,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. State Street Corp raised its position in PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock valued at $1,295,100,000 after buying an additional 368,260 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in PPG Industries by 16.0% in the first quarter. TIAA CREF Investment Management LLC now owns 3,775,963 shares of the company’s stock valued at $420,982,000 after buying an additional 519,857 shares in the last quarter. Geode Capital Management LLC raised its position in PPG Industries by 1.3% in the first quarter. Geode Capital Management LLC now owns 2,065,616 shares of the company’s stock valued at $229,806,000 after buying an additional 26,981 shares in the last quarter. Findlay Park Partners LLP raised its position in PPG Industries by 11.8% in the first quarter. Findlay Park Partners LLP now owns 1,701,971 shares of the company’s stock valued at $189,753,000 after buying an additional 179,341 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock valued at $164,615,000 after buying an additional 924,195 shares in the last quarter. Institutional investors and hedge funds own 73.04% of the company’s stock.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 1.19% on Wednesday, hitting $102.46. 1,143,979 shares of the stock were exchanged. The company has a 50 day moving average of $104.32 and a 200 day moving average of $107.29. PPG Industries Inc. has a 52-week low of $82.93 and a 52-week high of $117.00. The company has a market cap of $27.28 billion, a price-to-earnings ratio of 18.93 and a beta of 1.44.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.85. The company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. PPG Industries’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 earnings per share. Equities research analysts forecast that PPG Industries Inc. will post $6.19 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
PPG has been the topic of several recent analyst reports. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Credit Suisse Group AG reissued a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a report on Tuesday, September 13th. Morgan Stanley reissued a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Jefferies Group reissued a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. Finally, Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price on the stock in a report on Thursday, June 23rd. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $121.17.
In related news, VP Timothy M. Knavish sold 9,300 shares of the company’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 value of $967,944.00. Following the transaction, the vice president now directly owns 11,806 shares in the company, valued at $1,228,768.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the completion of the transaction, the insider now owns 69,044 shares in the company, valued at $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
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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