OLD National Bancorp IN lessened its stake in PPG Industries, Inc. (NYSE:PPG) by 18.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,730 shares of the specialty chemicals company’s stock after selling 1,785 shares during the period. OLD National Bancorp IN’s holdings in PPG Industries were worth $840,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Bruderman Asset Management LLC bought a new stake in shares of PPG Industries in the second quarter worth $105,000. V Wealth Management LLC bought a new stake in shares of PPG Industries in the second quarter worth $112,000. State of Alaska Department of Revenue bought a new stake in shares of PPG Industries in the second quarter worth $113,000. First Interstate Bank increased its stake in shares of PPG Industries by 3.1% in the second quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock worth $127,000 after buying an additional 35 shares during the last quarter. Finally, Global X Management Co. LLC increased its stake in shares of PPG Industries by 9.2% in the second quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock worth $142,000 after buying an additional 108 shares during the last quarter. Institutional investors and hedge funds own 74.51% of the company’s stock.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 EPS for the quarter, hitting the consensus estimate of $1.52. The company had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.56 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, November 9th. PPG Industries’s payout ratio is presently 26.12%.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the sale, the insider now owns 15,545 shares in the company, valued at $1,593,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction on 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 sale, the vice president now owns 52,748 shares in the company, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.
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A number of analysts recently issued reports on PPG shares. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research note on Thursday, July 6th. Credit Suisse Group reiterated an “outperform” rating and set a $114.00 target price (up previously 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. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Deutsche Bank AG boosted their target price on shares of PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. PPG Industries has a consensus rating of “Hold” and an average price target of $119.36.
PPG Industries Company Profile
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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