PPG Industries Inc. (PPG) Shares Bought by Pitcairn Co.
Pitcairn Co. increased its stake in shares of PPG Industries Inc. (NYSE:PPG) by 23.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,993 shares of the company’s stock after buying an additional 2,698 shares during the period. Pitcairn Co.’s holdings in PPG Industries were worth $1,457,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted 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 during the last quarter. TIAA CREF Investment Management LLC boosted 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 during the last quarter. Geode Capital Management LLC boosted 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 during the last quarter. Findlay Park Partners LLP boosted 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 during the last quarter. Finally, Wellington Management Group LLP boosted 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 during the last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 0.87% during midday trading on Monday, reaching $101.08. 1,266,116 shares of the company’s stock were exchanged. PPG Industries Inc. has a 12 month low of $82.93 and a 12 month high of $117.00. The company’s 50 day moving average is $104.45 and its 200-day moving average is $107.34. The stock has a market cap of $26.92 billion, a PE ratio of 18.68 and a beta of 1.44.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.85. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company earned $1.67 EPS. Equities analysts forecast that PPG Industries Inc. will post $6.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were given a $0.40 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.58%. PPG Industries’s dividend payout ratio is currently 29.57%.
Several equities analysts recently commented on PPG shares. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a research note on Thursday, June 16th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and upped their target price for the company from $125.00 to $130.00 in a research note on Tuesday, July 26th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Friday, September 9th. Jefferies Group reissued a “buy” rating and issued a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a report on Monday, July 25th. Finally, Credit Suisse Group AG reissued a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a report on Tuesday, August 9th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. PPG Industries presently has a consensus rating of “Buy” and a consensus target price of $121.17.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’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 value of $4,366,908.00. Following the completion of the transaction, the insider now owns 69,044 shares in the company, valued at approximately $7,362,852.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 value of $967,944.00. Following the completion of the transaction, the vice president now owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.
PPG Industries Company Profile
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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