PPG Industries, Inc. (PPG) Shares Sold by Rhumbline Advisers
Rhumbline Advisers reduced its stake in PPG Industries, Inc. (NYSE:PPG) by 0.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 426,644 shares of the specialty chemicals company’s stock after selling 895 shares during the period. Rhumbline Advisers owned 0.17% of PPG Industries worth $46,359,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Harbour Capital Advisors LLC grew its stake in PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after acquiring an additional 10,896 shares in the last quarter. Bruderman Asset Management LLC bought a new position in PPG Industries in the 2nd quarter worth about $105,000. State of Alaska Department of Revenue bought a new position in PPG Industries in the 2nd quarter worth about $113,000. First Interstate Bank grew its stake in PPG Industries by 3.1% in the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after acquiring an additional 35 shares in the last quarter. Finally, Global X Management Co. LLC grew its stake in PPG Industries by 9.2% in the 2nd quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 108 shares in the last quarter. Institutional investors and hedge funds own 74.67% of the company’s stock.
A number of brokerages have commented on PPG. Deutsche Bank AG upped their target price on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. BidaskClub downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Robert W. Baird restated a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research note on Friday, September 1st. Royal Bank Of Canada restated a “hold” rating and issued a $109.00 target price on shares of PPG Industries in a research note on Wednesday, September 13th. Finally, Bank of America Corporation downgraded shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. PPG Industries presently has a consensus rating of “Hold” and a consensus price target of $119.36.
PPG Industries, Inc. (NYSE:PPG) traded down $0.96 during trading hours on Thursday, reaching $113.39. 951,900 shares of the company were exchanged, compared to its average volume of 1,453,573. PPG Industries, Inc. has a 12 month low of $93.80 and a 12 month high of $119.85. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.65 and a quick ratio of 1.26. The stock has a market capitalization of $29,099.32, a PE ratio of 19.41, a price-to-earnings-growth ratio of 2.27 and a beta of 1.59.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.52. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The company had revenue of $3.78 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. PPG Industries’s revenue for the quarter was up 3.2% compared to the same quarter last year. equities analysts anticipate that PPG Industries, Inc. will post 5.9 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, November 9th. This represents a $1.80 dividend on an annualized basis and a yield of 1.59%. PPG Industries’s payout ratio is 26.12%.
In related news, 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 completion of the sale, the insider now owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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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