Oppenheimer Asset Management Inc. Buys New Stake in PPG Industries, Inc. (PPG)
Oppenheimer Asset Management Inc. purchased a new position in PPG Industries, Inc. (NYSE:PPG) during the first quarter, according to its most recent filing with the SEC. The institutional investor purchased 41,070 shares of the specialty chemicals company’s stock, valued at approximately $4,316,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in PPG Industries by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 586,729 shares of the specialty chemicals company’s stock worth $55,602,000 after buying an additional 8,060 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in PPG Industries by 6.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 23,150 shares of the specialty chemicals company’s stock worth $2,194,000 after buying an additional 1,450 shares during the period. Numeric Investors LLC acquired a new stake in PPG Industries during the fourth quarter worth $351,000. Dodge & Cox acquired a new stake in PPG Industries during the fourth quarter worth $1,706,000. Finally, Quadrature Capital Ltd raised its stake in PPG Industries by 32.4% in the fourth quarter. Quadrature Capital Ltd now owns 14,599 shares of the specialty chemicals company’s stock worth $1,384,000 after buying an additional 3,573 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) traded up 0.32% during trading on Friday, reaching $105.01. 846,636 shares of the company traded hands. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67. The company has a market capitalization of $26.93 billion, a price-to-earnings ratio of 27.63 and a beta of 1.54. The stock’s 50 day moving average is $109.92 and its 200 day moving average is $106.01.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business earned $1.73 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, analysts forecast that PPG Industries, Inc. will post $6.11 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Tuesday, August 8th. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is 41.67%.
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A number of research firms recently weighed in on PPG. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday. Credit Suisse Group set a $113.00 price objective on shares of PPG Industries and gave the stock a “buy” rating in a research note on Sunday, July 23rd. Bank of America Corporation lowered shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price target for the company. in a research report on Monday, July 24th. Finally, SunTrust Banks, Inc. lowered shares of PPG Industries from a “buy” rating to a “hold” rating and decreased their price target for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $113.93.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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