PPG Industries, Inc. (NYSE:PPG) Shares Sold by Arizona State Retirement System
Arizona State Retirement System lowered its position in shares of PPG Industries, Inc. (NYSE:PPG) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,536 shares of the specialty chemicals company’s stock after selling 100 shares during the period. Arizona State Retirement System’s holdings in PPG Industries were worth $6,986,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. National Pension Service increased its position in PPG Industries by 8.7% in the first quarter. National Pension Service now owns 213,581 shares of the specialty chemicals company’s stock worth $22,475,000 after buying an additional 17,144 shares during the period. Bank of Montreal Can increased its position in PPG Industries by 1.7% in the first quarter. Bank of Montreal Can now owns 178,854 shares of the specialty chemicals company’s stock worth $18,793,000 after buying an additional 3,071 shares during the period. Regentatlantic Capital LLC increased its position in PPG Industries by 1.0% in the first quarter. Regentatlantic Capital LLC now owns 10,094 shares of the specialty chemicals company’s stock worth $1,061,000 after buying an additional 103 shares during the period. BKD Wealth Advisors LLC bought a new position in PPG Industries during the first quarter worth approximately $345,000. Finally, BLB&B Advisors LLC increased its position in PPG Industries by 1.9% in the first quarter. BLB&B Advisors LLC now owns 9,456 shares of the specialty chemicals company’s stock worth $994,000 after buying an additional 175 shares during the period. Hedge funds and other institutional investors own 71.81% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) opened at 100.73 on Friday. The firm has a market cap of $25.84 billion, a PE ratio of 26.50 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. The company has a 50 day moving average of $108.24 and a 200-day moving average of $106.17.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the previous year, the company earned $1.73 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts forecast that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is currently 46.88%.
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A number of research analysts have commented on PPG shares. Citigroup Inc. reiterated a “market perform” rating on shares of PPG Industries in a research note on Friday, April 14th. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 price objective (up from $113.00) on shares of PPG Industries in a research note on Tuesday, April 18th. Deutsche Bank AG reissued a “hold” rating and set a $110.00 target price (up from $102.00) on shares of PPG Industries in a report on Sunday, April 23rd. Barclays PLC increased their target price on shares of PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, April 24th. Finally, TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $114.50.
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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