PPG Industries, Inc. (PPG) Position Held by Richard Bernstein Advisors LLC
Richard Bernstein Advisors LLC held its stake in shares of PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,546 shares of the specialty chemicals company’s stock at the end of the second quarter. Richard Bernstein Advisors LLC’s holdings in PPG Industries were worth $2,919,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of PPG. BlackRock Inc. boosted its stake in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of PPG Industries by 15,312.6% in the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock valued at $189,909,000 after buying an additional 1,795,556 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in shares of PPG Industries by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock valued at $266,046,000 after buying an additional 1,346,064 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of PPG Industries by 51.3% in the first quarter. Wells Fargo & Company MN now owns 2,420,642 shares of the specialty chemicals company’s stock valued at $254,360,000 after buying an additional 820,978 shares in the last quarter. 71.54% of the stock is currently owned by hedge funds and other institutional investors.
PPG Industries, Inc. (NYSE PPG) opened at 102.08 on Monday. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67. The firm has a market capitalization of $26.18 billion, a price-to-earnings ratio of 26.86 and a beta of 1.54. The company has a 50-day moving average of $107.13 and a 200 day moving average of $106.21.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the firm posted $1.73 EPS. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is presently 46.88%.
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Several analysts have weighed in on PPG shares. Deutsche Bank AG reaffirmed a “hold” rating and set a $110.00 price objective (up from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. Barclays PLC increased their price target on shares of PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, April 24th. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and increased their price target for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. TheStreet raised shares of PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Finally, Credit Suisse Group reissued an “outperform” rating and set a $114.00 price target (up from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $114.50.
In related news, VP Glenn E. Bost II sold 19,812 shares of the business’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 transaction, the vice president now owns 52,748 shares in the company, valued at approximately $5,316,998.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is owned by insiders.
About PPG Industries
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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