Pennsylvania Trust Co cut its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,261 shares of the specialty chemicals company’s stock after selling 482 shares during the period. Pennsylvania Trust Co’s holdings in PPG Industries were worth $1,453,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in PPG. Nuveen Asset Management LLC increased its position in shares of PPG Industries by 18,428.3% during the second quarter. Nuveen Asset Management LLC now owns 1,158,390 shares of the specialty chemicals company’s stock valued at $135,196,000 after buying an additional 1,152,138 shares during the period. APG Asset Management N.V. increased its position in shares of PPG Industries by 152.5% during the second quarter. APG Asset Management N.V. now owns 855,833 shares of the specialty chemicals company’s stock valued at $87,710,000 after buying an additional 516,872 shares during the period. Royal Bank of Canada increased its position in shares of PPG Industries by 45.1% during the second quarter. Royal Bank of Canada now owns 997,059 shares of the specialty chemicals company’s stock valued at $116,367,000 after buying an additional 309,781 shares during the period. Panagora Asset Management Inc. increased its position in shares of PPG Industries by 1,472.6% during the second quarter. Panagora Asset Management Inc. now owns 253,412 shares of the specialty chemicals company’s stock valued at $29,576,000 after buying an additional 237,298 shares during the period. Finally, BlackRock Inc. increased its position in shares of PPG Industries by 1.6% during the second quarter. BlackRock Inc. now owns 14,692,566 shares of the specialty chemicals company’s stock valued at $1,714,770,000 after buying an additional 232,493 shares during the period. Hedge funds and other institutional investors own 77.30% of the company’s stock.
In other PPG Industries news, CEO Michael H. Mcgarry sold 12,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $120.00, for a total transaction of $1,440,000.00. Following the transaction, the chief executive officer now directly owns 131,434 shares in the company, valued at $15,772,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Vadlamannati Ramaprasad sold 13,904 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $117.12, for a total transaction of $1,628,436.48. Following the transaction, the vice president now owns 29,617 shares in the company, valued at $3,468,743.04. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by corporate insiders.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.02. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $4.10 billion. PPG Industries had a net margin of 8.07% and a return on equity of 27.89%. PPG Industries’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.90 earnings per share. As a group, sell-side analysts forecast that PPG Industries, Inc. will post 6.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 12th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.76%. This is a boost from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Friday, August 9th. PPG Industries’s dividend payout ratio is 34.46%.
Several equities research analysts have recently weighed in on PPG shares. ValuEngine cut PPG Industries from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating and set a $125.00 price target on the stock in a research report on Thursday, July 4th. SunTrust Banks restated a “hold” rating and issued a $123.00 price objective on shares of PPG Industries in a research report on Friday, July 19th. They noted that the move was a valuation call. Buckingham Research upped their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Finally, Bank of America cut shares of PPG Industries from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $103.00 in a research report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $122.93.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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