Texas Permanent School Fund reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 4.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,984 shares of the specialty chemicals company’s stock after selling 3,136 shares during the period. Texas Permanent School Fund’s holdings in PPG Industries were worth $7,915,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Harbour Capital Advisors LLC increased its position in PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after buying an additional 10,896 shares in the last quarter. Cable Hill Partners LLC increased its position in PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 77 shares in the last quarter. Baystate Wealth Management LLC increased its position in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares in the last quarter. V Wealth Management LLC acquired a new position in PPG Industries during the second quarter valued at $112,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of PPG Industries during the second quarter worth approximately $113,000. Institutional investors and hedge funds own 71.54% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) traded down 0.58% during trading on Friday, reaching $102.08. 1,778,770 shares of the company’s stock were exchanged. The stock has a market capitalization of $26.18 billion, a PE ratio of 26.86 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. The company’s 50-day moving average is $107.13 and its 200 day moving average is $106.21.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the consensus estimate 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 analyst estimates of $3.92 billion. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, analysts forecast that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be issued a $0.45 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio is 46.88%.
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A number of brokerages have commented on PPG. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. 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 report on Monday, July 17th. They noted that the move was a valuation call. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Barclays PLC lifted their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, April 24th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $114.50.
In other PPG Industries news, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction dated Friday, August 11th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is owned by corporate insiders.
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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