State of Wisconsin Investment Board raised its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 0.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 242,949 shares of the specialty chemicals company’s stock after buying an additional 1,940 shares during the period. State of Wisconsin Investment Board owned 0.09% of PPG Industries worth $26,715,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of PPG. Dupont Capital Management Corp boosted its stake in PPG Industries by 6.1% in the second quarter. Dupont Capital Management Corp now owns 120,591 shares of the specialty chemicals company’s stock valued at $13,260,000 after buying an additional 6,916 shares in the last quarter. Savant Capital LLC boosted its stake in PPG Industries by 2.8% in the second quarter. Savant Capital LLC now owns 4,393 shares of the specialty chemicals company’s stock valued at $483,000 after buying an additional 121 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in PPG Industries by 2.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 147,471 shares of the specialty chemicals company’s stock valued at $16,216,000 after buying an additional 3,374 shares in the last quarter. Alpine Woods Capital Investors LLC boosted its stake in PPG Industries by 74.4% in the second quarter. Alpine Woods Capital Investors LLC now owns 21,800 shares of the specialty chemicals company’s stock valued at $2,397,000 after buying an additional 9,300 shares in the last quarter. Finally, IFC Holdings Incorporated FL boosted its stake in PPG Industries by 44.3% in the second quarter. IFC Holdings Incorporated FL now owns 4,027 shares of the specialty chemicals company’s stock valued at $441,000 after buying an additional 1,237 shares in the last quarter. Hedge funds and other institutional investors own 71.54% of the company’s stock.
PPG Industries, Inc. (PPG) opened at 102.68 on Friday. The company has a 50 day moving average price of $107.35 and a 200-day moving average price of $106.21. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67. The firm has a market capitalization of $26.34 billion, a PE ratio of 27.01 and a beta of 1.54.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the consensus estimate of $1.83. The company 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 business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 EPS. On average, equities analysts predict 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 given 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 is Tuesday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 1.75%. PPG Industries’s payout ratio is presently 46.88%.
Several research firms recently commented on PPG. Royal Bank Of Canada restated a “hold” rating and issued a $109.00 target price on shares of PPG Industries in a research report on Wednesday, August 9th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub cut PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Credit Suisse Group set a $113.00 target price on PPG Industries and gave the company a “buy” rating in a research report on Sunday, July 23rd. Finally, Bank of America Corporation cut PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research report on Monday, July 24th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $114.50.
In other PPG Industries news, 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 transaction of $1,997,049.60. Following the completion of the sale, the vice president now 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 accessible through this hyperlink. 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 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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