Traders Purchase High Volume of Call Options on PPG Industries (PPG)
PPG Industries, Inc. (NYSE:PPG) was the recipient of unusually large options trading activity on Friday. Traders bought 11,028 call options on the company. This is an increase of approximately 1,505% compared to the typical volume of 687 call options.
PPG Industries (NYSE:PPG) opened at 111.99 on Wednesday. The company has a 50 day moving average price of $105.82 and a 200-day moving average price of $107.21. PPG Industries has a 52 week low of $89.64 and a 52 week high of $113.67. The company has a market capitalization of $28.72 billion, a P/E ratio of 29.46 and a beta of 1.55.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting the Zacks’ consensus estimate 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 analyst estimates of $3.92 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts anticipate that PPG Industries will post $6.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were given a $0.45 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 1.61%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is 46.88%.
In other PPG Industries news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the completion of the sale, the vice president now directly owns 52,748 shares in the company, valued at approximately $5,316,998.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the transaction, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Harbour Capital Advisors LLC boosted its stake in shares of PPG Industries by 10,896.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after buying an additional 10,896 shares during the last quarter. Bruderman Asset Management LLC bought a new position in shares of PPG Industries in the 2nd quarter valued at about $105,000. V Wealth Management LLC bought a new position in shares of PPG Industries in the 2nd quarter valued at about $112,000. State of Alaska Department of Revenue bought a new position in shares of PPG Industries in the 2nd quarter valued at about $113,000. Finally, Global X Management Co. LLC grew its holdings in shares of PPG Industries by 26.7% in the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock valued at $124,000 after acquiring an additional 249 shares in the last quarter. 73.92% of the stock is currently owned by hedge funds and other institutional investors.
PPG has been the subject of several research reports. Citigroup Inc. raised their price target on shares of PPG Industries from $112.00 to $114.00 and gave the stock a “buy” rating in a report on Monday. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Friday, September 15th. Royal Bank Of Canada reissued a “hold” rating and set a $109.00 target price on shares of PPG Industries in a research note on Wednesday, September 13th. Finally, Robert W. Baird reissued a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. PPG Industries has an average rating of “Hold” and a consensus price target of $115.31.
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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