PPG Industries Inc. (PPG) Shares Sold by Atalanta Sosnoff Capital LLC
Atalanta Sosnoff Capital LLC lowered its position in PPG Industries Inc. (NYSE:PPG) by 96.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,628 shares of the company’s stock after selling 142,593 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in PPG Industries were worth $586,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. State Street Corp raised its stake in shares of PPG Industries by 3.3% in the first quarter. State Street Corp now owns 11,616,213 shares of the company’s stock worth $1,295,100,000 after buying an additional 368,260 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of 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 worth $420,982,000 after buying an additional 519,857 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of PPG Industries by 1.3% in the first quarter. Geode Capital Management LLC now owns 2,065,616 shares of the company’s stock worth $229,806,000 after buying an additional 26,981 shares during the last quarter. Findlay Park Partners LLP raised its stake in shares of PPG Industries by 11.8% in the first quarter. Findlay Park Partners LLP now owns 1,701,971 shares of the company’s stock worth $189,753,000 after buying an additional 179,341 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock worth $164,615,000 after buying an additional 924,195 shares during 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% during mid-day trading on Wednesday, hitting $102.46. 1,143,979 shares of the company traded hands. The stock has a market capitalization of $27.28 billion, a price-to-earnings ratio of 18.93 and a beta of 1.44. PPG Industries Inc. has a one year low of $82.93 and a one year high of $117.00. The firm has a 50-day moving average of $104.32 and a 200-day moving average of $107.29.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.85. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates 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 was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 earnings per share. On average, equities analysts predict that PPG Industries Inc. will post $6.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.56%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio is presently 29.57%.
PPG has been the topic of a number of research analyst reports. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and raised their price objective for the stock from $125.00 to $130.00 in a report 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 reiterated a “buy” rating and issued a $129.00 price target (up from $127.00) on shares of PPG Industries in a research note on Monday, July 25th. Finally, Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research note on Tuesday, August 9th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $121.17.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction 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 transaction, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction of $967,944.00. Following the transaction, the vice president now owns 11,806 shares in the company, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
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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