Dodge & Cox Sells 300 Shares of PPG Industries, Inc. (PPG)
Dodge & Cox decreased its holdings in PPG Industries, Inc. (NYSE:PPG) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,700 shares of the specialty chemicals company’s stock after selling 300 shares during the quarter. Dodge & Cox’s holdings in PPG Industries were worth $1,946,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in PPG. Waldron LP bought a new position in PPG Industries in the 1st quarter valued at about $292,000. UBS Asset Management Americas Inc. lifted its position in PPG Industries by 9.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 727,228 shares of the specialty chemicals company’s stock valued at $76,417,000 after acquiring an additional 62,319 shares in the last quarter. RNC Capital Management LLC lifted its position in PPG Industries by 1.4% in the 1st quarter. RNC Capital Management LLC now owns 7,100 shares of the specialty chemicals company’s stock valued at $746,000 after acquiring an additional 97 shares in the last quarter. Teza Capital Management LLC bought a new position in PPG Industries in the 1st quarter valued at about $683,000. Finally, Balasa Dinverno & Foltz LLC bought a new position in PPG Industries in the 1st quarter valued at about $210,000. 73.92% of the stock is currently owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (PPG) opened at 108.76 on Friday. The company has a 50 day moving average of $104.24 and a 200-day moving average of $106.76. The company has a market cap of $27.89 billion, a PE ratio of 28.61 and a beta of 1.55. 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 results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Zacks’ 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 quarter in the prior year, the company posted $1.73 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts anticipate that PPG Industries, Inc. will post $6.10 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were issued a dividend of $0.45 per share. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.66%. PPG Industries’s dividend payout ratio is presently 46.88%.
Several equities analysts recently weighed in on PPG shares. Bank of America Corporation cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price target on the stock. in a research report on Monday, July 24th. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research report on Friday, May 26th. Deutsche Bank AG raised their price target on shares of PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, July 21st. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research report on Friday, September 1st. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $115.19.
In related news, 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 transaction of $1,997,049.60. Following the transaction, the vice president now owns 52,748 shares in the company, valued at $5,316,998.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. 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 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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