LMR Partners LLP purchased a new stake in shares of PPG Industries Inc. (NYSE:PPG) during the second quarter, Holdings Channel reports. The firm purchased 6,657 shares of the company’s stock, valued at approximately $693,000.
Several other large investors have also recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in shares of PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock valued at $74,678,000 after buying an additional 189,934 shares during the last quarter. Legal & General Group Plc raised its stake in shares of PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock valued at $125,793,000 after buying an additional 30,011 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in shares of PPG Industries during the second quarter valued at approximately $24,833,000. Wellington Management Group LLP raised its stake in shares of PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock valued at $164,615,000 after buying an additional 924,195 shares during the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock valued at $3,036,000 after buying an additional 426 shares during the last quarter. Institutional investors own 73.04% of the company’s stock.
Shares of PPG Industries Inc. (NYSE:PPG) traded down 1.78% during midday trading on Tuesday, hitting $92.18. 2,853,881 shares of the company traded hands. The stock has a market capitalization of $24.55 billion, a P/E ratio of 17.03 and a beta of 1.47. PPG Industries Inc. has a 12-month low of $88.37 and a 12-month high of $117.00. The stock’s 50-day moving average is $103.21 and its 200 day moving average is $106.84.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.85. PPG Industries had a net margin of 9.57% and a return on equity of 30.94%. The firm earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same period last year, the firm posted $1.67 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. On average, analysts expect that PPG Industries Inc. will post $6.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, August 8th. PPG Industries’s dividend payout ratio is currently 29.57%.
PPG has been the topic of several analyst reports. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Friday, September 9th. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price objective on shares of PPG Industries in a report on Tuesday, September 13th. Jefferies Group reiterated a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Finally, Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective for the company in a report on Thursday, June 23rd. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $116.42.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 40,950 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the transaction, the insider now directly owns 69,044 shares of the company’s stock, valued at $7,362,852.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $104.08, for a total transaction of $967,944.00. Following the completion of the transaction, the vice president now directly owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
About PPG Industries
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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