Strs Ohio Reduces Position in PPG Industries Inc. (PPG)
Strs Ohio reduced its position in shares of PPG Industries Inc. (NYSE:PPG) by 5.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 692,634 shares of the company’s stock after selling 38,899 shares during the period. Strs Ohio’s holdings in PPG Industries were worth $72,137,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Trust N.A. boosted its stake in PPG Industries by 5.2% in the first quarter. Raymond James Trust N.A. now owns 18,285 shares of the company’s stock worth $2,039,000 after buying an additional 899 shares in the last quarter. OLD National Bancorp IN boosted its stake in PPG Industries by 65.3% in the first quarter. OLD National Bancorp IN now owns 10,710 shares of the company’s stock worth $1,194,000 after buying an additional 4,230 shares in the last quarter. First Manhattan Co. boosted its stake in PPG Industries by 291.0% in the first quarter. First Manhattan Co. now owns 351,495 shares of the company’s stock worth $39,188,000 after buying an additional 261,604 shares in the last quarter. Sanders Morris Harris Inc. purchased a new stake in PPG Industries during the first quarter worth $335,000. Finally, River Wealth Advisors LLC boosted its stake in PPG Industries by 1.4% in the first quarter. River Wealth Advisors LLC now owns 7,073 shares of the company’s stock worth $789,000 after buying an additional 101 shares in the last quarter. Institutional investors and hedge funds own 73.04% of the company’s stock.
PPG Industries Inc. (NYSE:PPG) traded up 1.19% during trading on Wednesday, hitting $102.46. 1,143,979 shares of the stock traded hands. The firm’s 50-day moving average is $104.32 and its 200-day moving average is $107.29. The stock has a market cap of $27.28 billion, a P/E ratio of 18.93 and a beta of 1.44. PPG Industries Inc. has a 12 month low of $82.93 and a 12 month high of $117.00.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.85. The firm earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.67 earnings per share. On average, analysts forecast that PPG Industries Inc. will post $6.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Monday, August 8th. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
PPG has been the topic of a number of recent analyst reports. Credit Suisse Group AG restated a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Friday, June 17th. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a research note on Thursday, June 16th. Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 target price for the company in a research note on Thursday, June 23rd. Finally, Jefferies Group reiterated a “buy” rating on shares of PPG Industries in a research note on Wednesday, July 6th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus 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 stock was 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 directly owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 shares were 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 directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate 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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