Grandfield & Dodd LLC continued to hold its stake in PPG Industries Inc. (NYSE:PPG) during the second quarter, Holdings Channel reports. The firm owned 10,068 shares of the company’s stock at the end of the second quarter. Grandfield & Dodd LLC’s holdings in PPG Industries were worth $1,049,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. FDO Partners LLC purchased a new stake in PPG Industries during the first quarter valued at about $493,000. Massmutual Trust Co. FSB ADV boosted its stake in PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock valued at $158,000 after buying an additional 162 shares during the period. Columbia Partners L L C Investment Management boosted its stake in PPG Industries by 25.0% in the first quarter. Columbia Partners L L C Investment Management now owns 31,504 shares of the company’s stock valued at $3,512,000 after buying an additional 6,301 shares during the period. Findlay Park Partners LLP boosted its stake in PPG Industries by 11.8% in the first quarter. Findlay Park Partners LLP now owns 1,701,971 shares of the company’s stock valued at $189,753,000 after buying an additional 179,341 shares during the period. Finally, Nikko Asset Management Americas Inc. bought a new stake in PPG Industries during the first quarter valued at $157,000. Institutional investors and hedge funds own 73.04% of the company’s stock.
PPG Industries Inc. (NYSE:PPG) traded down 0.46% during midday trading on Wednesday, hitting $101.58. 912,363 shares of the stock traded hands. The firm’s 50-day moving average is $103.91 and its 200-day moving average is $107.17. The company has a market cap of $27.05 billion, a price-to-earnings ratio of 18.77 and a beta of 1.47. PPG Industries Inc. has a 52-week low of $88.37 and a 52-week high of $117.00.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.85. The company had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. PPG Industries’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.67 earnings per share. Analysts predict that PPG Industries Inc. will post $6.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Monday, August 8th. PPG Industries’s payout ratio is 29.57%.
PPG has been the topic of several research reports. Morgan Stanley restated a “hold” rating on shares of PPG Industries in a research report on Thursday, June 16th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and raised their price objective for the company from $125.00 to $130.00 in a research report on Tuesday, July 26th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. Jefferies Group restated a “buy” rating and set a $129.00 price objective (up previously from $127.00) on shares of PPG Industries in a research report on Monday, July 25th. Finally, Credit Suisse Group AG restated a “buy” rating and set a $115.00 price objective on shares of PPG Industries in a research report on Tuesday, August 9th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $121.17.
In related news, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total transaction of $967,944.00. Following the sale, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the sale, the insider now directly owns 69,044 shares in the company, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
PPG Industries Company Profile
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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