Investment Centers of America Inc. Has $323,000 Holdings in PPG Industries, Inc. (PPG)
Investment Centers of America Inc. trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 44.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,953 shares of the specialty chemicals company’s stock after selling 2,348 shares during the period. Investment Centers of America Inc.’s holdings in PPG Industries were worth $323,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Bruderman Asset Management LLC purchased a new stake in shares of PPG Industries during the second quarter worth about $105,000. V Wealth Management LLC purchased a new stake in shares of PPG Industries during the second quarter worth about $112,000. State of Alaska Department of Revenue purchased a new stake in shares of PPG Industries during the second quarter worth about $113,000. First Interstate Bank boosted its holdings in shares of PPG Industries by 3.1% during the second quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after purchasing an additional 35 shares during the period. Finally, Global X Management Co. LLC boosted its holdings in shares of PPG Industries by 26.7% during the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.
In other PPG Industries news, VP Glenn E. Bost II sold 19,812 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the business’s stock in a transaction dated 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 directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.
A number of analysts have recently weighed in on the stock. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a report on Friday. Royal Bank Of Canada reiterated a “hold” rating and set a $109.00 target price on shares of PPG Industries in a report on Wednesday, September 13th. Robert W. Baird reiterated a “buy” rating and set a $115.00 target price on shares of PPG Industries in a report on Friday, September 1st. KeyCorp reiterated a “buy” rating and set a $125.00 target price on shares of PPG Industries in a report on Friday, August 25th. Finally, Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $115.19.
PPG Industries, Inc. (NYSE PPG) opened at 106.80 on Tuesday. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67. The company has a 50-day moving average of $104.15 and a 200-day moving average of $106.72. The company has a market capitalization of $27.39 billion, a P/E ratio of 28.10 and a beta of 1.55.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting 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 net margin of 6.79% and a return on equity of 29.47%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 EPS. Equities analysts expect that PPG Industries, Inc. will post $6.10 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.69%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, August 8th. PPG Industries’s payout ratio is 46.88%.
PPG Industries 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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