PPG Industries Inc. (PPG) Stake Boosted by Acadian Asset Management LLC
Acadian Asset Management LLC increased its stake in PPG Industries Inc. (NYSE:PPG) by 451.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,028 shares of the company’s stock after buying an additional 6,572 shares during the period. Acadian Asset Management LLC’s holdings in PPG Industries were worth $836,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in PPG Industries during the first quarter valued at about $144,000. Invictus RG acquired a new stake in PPG Industries during the first quarter valued at approximately $147,000. Nikko Asset Management Americas Inc. acquired a new stake in PPG Industries during the first quarter valued at approximately $157,000. Massmutual Trust Co. FSB ADV increased its stake in PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock valued at $158,000 after buying an additional 162 shares during the last quarter. Finally, Dubuque Bank & Trust Co. increased its stake in PPG Industries by 34.5% in the first quarter. Dubuque Bank & Trust Co. now owns 1,713 shares of the company’s stock valued at $191,000 after buying an additional 439 shares during the last quarter. 72.95% of the stock is owned by hedge funds and other institutional investors.
Shares of PPG Industries Inc. (NYSE:PPG) traded down 1.02% on Friday, hitting $100.21. The company had a trading volume of 1,986,709 shares. The company has a market capitalization of $26.68 billion, a price-to-earnings ratio of 18.52 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’s 50-day moving average is $105.01 and its 200 day moving average is $107.28.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting analysts’ consensus estimates of $1.85. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The company earned $4.10 billion during the quarter, compared to analysts’ expectations of $4.17 billion. During the same period last year, the business posted $1.67 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year. Equities analysts expect that PPG Industries Inc. will post $6.19 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Monday, August 8th. PPG Industries’s payout ratio is 29.57%.
Several equities research analysts recently commented on the company. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Monday, August 29th. Credit Suisse Group AG reiterated a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Jefferies Group reiterated a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Finally, Longbow Research upgraded PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective for the company in a report on Thursday, June 23rd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. PPG Industries 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 business’s stock in a transaction 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 directly owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction on Thursday, August 4th. The stock was 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 of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by 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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