PPG Industries, Inc. (PPG) Stake Raised by Union Bankshares Corp
Union Bankshares Corp raised its position in PPG Industries, Inc. (NYSE:PPG) by 2.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,319 shares of the specialty chemicals company’s stock after buying an additional 568 shares during the period. Union Bankshares Corp’s holdings in PPG Industries were worth $3,224,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in PPG. Quadrature Capital Ltd boosted its position 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. HighPoint Advisor Group LLC purchased a new position in PPG Industries during the fourth quarter worth about $801,000. Whalerock Point Partners LLC boosted its position in PPG Industries by 17.4% in the fourth quarter. Whalerock Point Partners LLC now owns 7,395 shares of the specialty chemicals company’s stock worth $701,000 after buying an additional 1,095 shares during the period. Teachers Advisors LLC boosted its position in PPG Industries by 4.4% in the fourth quarter. Teachers Advisors LLC now owns 303,415 shares of the specialty chemicals company’s stock worth $28,752,000 after buying an additional 12,869 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in PPG Industries during the fourth quarter worth about $1,815,000. Hedge funds and other institutional investors own 71.54% of the company’s stock.
PPG Industries, Inc. (PPG) traded down 0.58% during mid-day trading on Friday, reaching $102.08. 1,778,770 shares of the company’s stock were exchanged. The firm has a market cap of $26.18 billion, a price-to-earnings ratio of 26.86 and a beta of 1.54. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67. The stock has a 50-day moving average of $107.13 and a 200-day moving average of $106.21.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $1.73 earnings per share. Analysts anticipate that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The firm 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. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 1.76%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is presently 46.88%.
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A number of research analysts have recently issued reports on the stock. Deutsche Bank AG lifted their target price on shares of PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, July 21st. BidaskClub cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. Bank of America Corporation cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price for the company. in a research note on Monday, July 24th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Friday, May 26th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and an average target price of $114.50.
In other news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the completion of the transaction, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by company insiders.
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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