Zurcher Kantonalbank Zurich Cantonalbank Sells 5,455 Shares of PPG Industries, Inc. (PPG)
Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of PPG Industries, Inc. (NYSE:PPG) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,588 shares of the specialty chemicals company’s stock after selling 5,455 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PPG Industries were worth $7,102,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of PPG. Commerzbank Aktiengesellschaft FI raised its position in PPG Industries by 148.8% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 6,963 shares of the specialty chemicals company’s stock worth $732,000 after buying an additional 4,164 shares in the last quarter. Cliftonlarsonallen Wealth Advisors LLC raised its position in shares of PPG Industries by 9.6% in the first quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 16,491 shares of the specialty chemicals company’s stock worth $1,733,000 after buying an additional 1,443 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of PPG Industries by 2.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 42,286 shares of the specialty chemicals company’s stock worth $4,443,000 after buying an additional 1,089 shares during the period. Advisor Partners LLC raised its position in shares of PPG Industries by 6.0% in the first quarter. Advisor Partners LLC now owns 4,962 shares of the specialty chemicals company’s stock worth $521,000 after buying an additional 282 shares during the period. Finally, Coconut Grove Bank raised its position in shares of PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 600 shares during the period. Institutional investors own 74.17% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) opened at 104.32 on Friday. The stock has a market cap of $26.76 billion, a P/E ratio of 27.45 and a beta of 1.54. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67. The firm’s 50-day moving average is $105.49 and its 200-day moving average is $106.43.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting the consensus estimate of $1.83. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $1.73 earnings per share. On average, analysts forecast that PPG Industries, Inc. will post $6.11 EPS for the current 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 paid a $0.45 dividend. 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. This represents a $1.80 dividend on an annualized basis and a yield of 1.73%. PPG Industries’s payout ratio is 46.88%.
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PPG has been the topic of a number of recent analyst reports. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a research note on Friday, May 26th. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Credit Suisse Group reiterated an “outperform” rating and set a $114.00 price target (up from $109.00) on shares of PPG Industries in a research note 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 research note on Wednesday, July 19th. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $115.19.
In other PPG Industries news, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries 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 disclosure for this sale can be found here. 0.72% of the stock is owned by 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.
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