17,700 Shares in PPG Industries, Inc. (PPG) Purchased by Pensionfund Sabic
Pensionfund Sabic purchased a new stake in PPG Industries, Inc. (NYSE:PPG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 17,700 shares of the specialty chemicals company’s stock, valued at approximately $1,923,000.
Several other large investors also recently added to or reduced their stakes in PPG. BlackRock Inc. boosted its position in shares of PPG Industries by 2,006.8% in the 1st quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after purchasing an additional 13,902,595 shares during the period. Lazard Asset Management LLC boosted its position in PPG Industries by 639.5% during the 1st quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock worth $442,716,000 after acquiring an additional 3,643,443 shares during the period. Capital Research Global Investors acquired a new stake in PPG Industries during the 2nd quarter worth about $192,226,000. OppenheimerFunds Inc. boosted its position in PPG Industries by 113.5% during the 1st quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock worth $266,046,000 after acquiring an additional 1,346,064 shares during the period. Finally, Nordea Investment Management AB boosted its position in PPG Industries by 52.6% during the 2nd quarter. Nordea Investment Management AB now owns 2,758,249 shares of the specialty chemicals company’s stock worth $303,297,000 after acquiring an additional 950,967 shares during the period. Institutional investors and hedge funds own 73.93% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) traded down 0.57% during midday trading on Wednesday, hitting $112.32. The stock had a trading volume of 684,317 shares. The firm’s 50-day moving average is $108.15 and its 200 day moving average is $107.69. The company has a market capitalization of $28.81 billion, a PE ratio of 29.55 and a beta of 1.55. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $114.15.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. PPG Industries’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 earnings per share. Equities analysts expect that PPG Industries, Inc. will post $5.97 earnings per share for the current fiscal year.
A number of equities research analysts have commented on the company. Royal Bank Of Canada restated a “hold” rating and set a $109.00 price objective on shares of PPG Industries in a research report on Wednesday, August 9th. Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research report on Tuesday. BidaskClub lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Citigroup Inc. raised their price objective on PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a research report on Monday, October 2nd. Finally, SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $120.00 to $113.00 in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Hold” and an average target price of $115.67.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the completion of the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $100.80, for a total value of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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