Renaissance Group LLC Decreases Stake in PPG Industries, Inc. (PPG)
Renaissance Group LLC lowered its stake in PPG Industries, Inc. (NYSE:PPG) by 0.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,415 shares of the specialty chemicals company’s stock after selling 75 shares during the period. Renaissance Group LLC’s holdings in PPG Industries were worth $2,575,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Waldron LP bought a new stake in PPG Industries during the first quarter valued at approximately $292,000. IFP Advisors Inc boosted its stake in PPG Industries by 1.5% in the first quarter. IFP Advisors Inc now owns 6,842 shares of the specialty chemicals company’s stock valued at $719,000 after buying an additional 100 shares in the last quarter. Meyer Handelman Co. boosted its stake in PPG Industries by 0.8% in the first quarter. Meyer Handelman Co. now owns 260,052 shares of the specialty chemicals company’s stock valued at $27,326,000 after buying an additional 2,000 shares in the last quarter. AMF Pensionsforsakring AB boosted its stake in PPG Industries by 11.3% in the first quarter. AMF Pensionsforsakring AB now owns 387,331 shares of the specialty chemicals company’s stock valued at $40,701,000 after buying an additional 39,409 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in PPG Industries by 1.0% in the first quarter. Whittier Trust Co. now owns 12,481 shares of the specialty chemicals company’s stock valued at $1,312,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds own 74.17% of the company’s stock.
PPG Industries, Inc. (PPG) opened at 104.15 on Tuesday. The stock has a 50 day moving average of $106.28 and a 200-day moving average of $106.32. The company has a market cap of $26.71 billion, a price-to-earnings ratio of 27.40 and a beta of 1.54. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $113.67.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting analysts’ consensus estimates of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. 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 firm earned $1.73 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts forecast that PPG Industries, Inc. will post $6.11 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Tuesday, August 8th. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is currently 46.88%.
PPG has been the subject of several research reports. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Jefferies Group LLC restated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a report on Friday, May 26th. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and raised their price target for the stock from $110.61 to $136.00 in a report on Wednesday, July 5th. Credit Suisse Group restated an “outperform” rating and set a $114.00 price target (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $115.20.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the company’s stock in a transaction on Friday, August 18th. The stock was 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 of the company’s stock, valued at approximately $1,593,207.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction on 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 transaction, the vice president now directly owns 52,748 shares in the company, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
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.
Receive News & Ratings for PPG Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.