Archon Partners LLC Has $10,996,000 Position in PPG Industries, Inc. (PPG)
Archon Partners LLC held its stake in shares of PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,000 shares of the specialty chemicals company’s stock at the end of the second quarter. PPG Industries comprises about 2.6% of Archon Partners LLC’s portfolio, making the stock its 14th largest position. Archon Partners LLC’s holdings in PPG Industries were worth $10,996,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in PPG. Harbour Capital Advisors LLC boosted its stake in PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after buying an additional 10,896 shares during the period. V Wealth Management LLC acquired a new stake in PPG Industries during the second quarter worth approximately $112,000. State of Alaska Department of Revenue acquired a new stake in PPG Industries during the second quarter worth approximately $113,000. Coconut Grove Bank boosted its stake in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 600 shares during the period. Finally, Global X Management Co. LLC boosted its stake in PPG Industries by 26.7% in the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 249 shares during the period. Institutional investors own 74.17% of the company’s stock.
PPG Industries, Inc. (PPG) opened at 104.15 on Tuesday. The company’s 50-day moving average price is $106.28 and its 200-day moving average price is $106.32. The stock has a market cap of $26.71 billion, a P/E ratio of 27.40 and a beta of 1.54. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67.
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. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the previous year, the company posted $1.73 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts forecast that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.73%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is 46.88%.
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A number of brokerages have recently weighed in on PPG. Deutsche Bank AG increased their price objective on PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a report on Friday, July 21st. BidaskClub lowered PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Argus raised PPG Industries from a “hold” rating to a “buy” rating and increased their price objective for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Bank of America Corporation lowered PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price objective on the stock. in a report on Monday, July 24th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a report on Friday, May 26th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. PPG Industries has an average rating of “Hold” and a consensus target price of $115.20.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the completion of the sale, the insider now owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction on Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the sale, the vice president now directly owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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