PPG Industries Inc. (PPG) Shares Sold by Retirement Systems of Alabama
Retirement Systems of Alabama reduced its position in PPG Industries Inc. (NYSE:PPG) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 135,643 shares of the company’s stock after selling 103 shares during the period. Retirement Systems of Alabama owned about 0.05% of PPG Industries worth $14,127,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. PGGM Investments increased its stake in PPG Industries by 17.9% in the second quarter. PGGM Investments now owns 270,323 shares of the company’s stock worth $28,154,000 after buying an additional 41,000 shares during the period. Genesee Valley Trust Co. increased its stake in shares of PPG Industries by 2.4% in the second quarter. Genesee Valley Trust Co. now owns 11,389 shares of the company’s stock valued at $1,186,000 after buying an additional 264 shares during the last quarter. Pitcairn Co. increased its stake in shares of PPG Industries by 23.9% in the second quarter. Pitcairn Co. now owns 13,993 shares of the company’s stock valued at $1,457,000 after buying an additional 2,698 shares during the last quarter. E&G Advisors LP purchased a new stake in shares of PPG Industries during the second quarter valued at approximately $229,000. Finally, Bank of Montreal Can purchased a new stake in shares of PPG Industries during the second quarter valued at approximately $61,750,000. 73.04% of the stock is owned by institutional investors.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 1.27% during trading on Friday, hitting $103.36. 1,716,461 shares of the stock traded hands. PPG Industries Inc. has a 1-year low of $88.37 and a 1-year high of $117.00. The stock has a market cap of $27.52 billion, a price-to-earnings ratio of 19.10 and a beta of 1.44. The stock has a 50 day moving average price of $104.00 and a 200-day moving average price of $107.24.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, meeting the consensus estimate of $1.85. The company earned $4.10 billion during the quarter, compared to analyst estimates 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 for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.67 EPS. Equities analysts forecast that PPG Industries Inc. will post $6.18 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Wednesday, August 10th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 annualized dividend and a dividend yield of 1.55%. PPG Industries’s dividend payout ratio is currently 29.57%.
Several research analysts have recently weighed in on the stock. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Seaport Global Securities upgraded shares of PPG Industries from an “accumulate” rating to a “buy” rating and upped their price target for the company from $125.00 to $130.00 in a report on Tuesday, July 26th. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a report on Friday, September 9th. Jefferies Group reiterated a “buy” rating and issued a $129.00 price target (up previously from $127.00) on shares of PPG Industries in a report on Monday, July 25th. Finally, Credit Suisse Group AG restated a “buy” rating and set a $115.00 target price on shares of PPG Industries in a report on Tuesday, August 9th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $121.17.
In other PPG Industries news, VP Timothy M. Knavish sold 9,300 shares of the business’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 completion of the sale, the vice president now owns 11,806 shares in the company, valued at approximately $1,228,768.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Viktoras R. Sekmakas sold 40,950 shares of the business’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 owns 69,044 shares of the company’s stock, valued at approximately $7,362,852.16. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.
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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