PPG Industries Inc. (PPG) Position Decreased by Redwood Investments LLC
Redwood Investments LLC cut its stake in shares of PPG Industries Inc. (NYSE:PPG) by 4.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 137,103 shares of the company’s stock after selling 6,999 shares during the period. Redwood Investments LLC owned 0.05% of PPG Industries worth $14,279,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new stake in PPG Industries during the first quarter valued at approximately $144,000. Invictus RG acquired a new stake in PPG Industries during the first quarter valued at approximately $147,000. Nikko Asset Management Americas Inc. acquired a new stake in PPG Industries during the first quarter valued at approximately $157,000. 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 in the last quarter. Finally, Checchi Capital Advisers LLC boosted its stake in PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock valued at $202,000 after buying an additional 59 shares in the last quarter. 73.04% of the stock is owned by institutional investors and hedge funds.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 0.08% during midday trading on Monday, hitting $103.44. The stock had a trading volume of 1,348,278 shares. The firm has a market cap of $27.54 billion, a price-to-earnings ratio of 19.11 and a beta of 1.47. The company’s 50-day moving average price is $104.00 and its 200-day moving average price is $107.24. PPG Industries Inc. has a 12-month low of $88.37 and a 12-month high of $117.00.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 21st. The company reported $1.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.85. The firm earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.67 earnings per share. Equities research analysts forecast that PPG Industries Inc. will post $6.18 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
PPG has been the subject of several research reports. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Morgan Stanley reaffirmed a “hold” rating on shares of PPG Industries in a report on Thursday, June 16th. Longbow Research raised 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. Finally, Jefferies Group reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. PPG Industries has a consensus rating of “Buy” and an average target price of $121.17.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction of $4,366,908.00. Following the completion of the sale, the insider now owns 69,044 shares in the company, valued at approximately $7,362,852.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the sale, the vice president now owns 11,806 shares of the company’s stock, valued at approximately $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by company 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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