State of Alaska Department of Revenue Buys New Position in PPG Industries, Inc. (NYSE:PPG)
State of Alaska Department of Revenue bought a new position in PPG Industries, Inc. (NYSE:PPG) during the second quarter, Holdings Channel reports. The firm bought 1,030 shares of the specialty chemicals company’s stock, valued at approximately $113,000.
Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after buying an additional 13,902,595 shares during the period. Lazard Asset Management LLC raised its position in shares of PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock worth $442,716,000 after buying an additional 3,643,443 shares during the period. Nordea Investment Management AB raised its position in shares of PPG Industries by 15,312.6% in the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock worth $189,909,000 after buying an additional 1,795,556 shares during the period. OppenheimerFunds Inc. raised its position in shares of PPG Industries by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock worth $266,046,000 after buying an additional 1,346,064 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of PPG Industries by 51.3% in the first quarter. Wells Fargo & Company MN now owns 2,420,642 shares of the specialty chemicals company’s stock worth $254,360,000 after buying an additional 820,978 shares during the period. Institutional investors own 71.81% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE PPG) traded down 0.59% during midday trading on Friday, reaching $100.73. The company had a trading volume of 1,536,922 shares. The firm has a market capitalization of $25.84 billion, a P/E ratio of 26.50 and a beta of 1.54. The company has a 50 day moving average price of $108.24 and a 200-day moving average price of $106.17. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be 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 is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 1.79%. PPG Industries’s payout ratio is presently 46.88%.
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PPG has been the topic of a number of recent research reports. Deutsche Bank AG reiterated a “hold” rating and set a $110.00 target price (up previously from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. 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 target price (up previously from $113.00) on shares of PPG Industries in a research note on Tuesday, April 18th. Barclays PLC increased their target price on PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Monday, April 24th. Finally, Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. PPG Industries presently has a consensus rating of “Hold” and an average target price of $114.50.
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.
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