PPG Industries, Inc. (PPG) Position Maintained by Virginia Retirement Systems ET AL
Virginia Retirement Systems ET AL continued to hold its stake in shares of PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 55,100 shares of the specialty chemicals company’s stock at the end of the second quarter. Virginia Retirement Systems ET AL’s holdings in PPG Industries were worth $6,059,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in PPG. Wetherby Asset Management Inc. increased its position in shares of PPG Industries by 20.6% in the first quarter. Wetherby Asset Management Inc. now owns 4,769 shares of the specialty chemicals company’s stock valued at $501,000 after buying an additional 816 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of PPG Industries during the first quarter valued at approximately $743,000. Whittier Trust Co. increased its position in shares of PPG Industries by 1.0% in the first quarter. Whittier Trust Co. now owns 12,481 shares of the specialty chemicals company’s stock valued at $1,312,000 after buying an additional 125 shares during the last quarter. AMF Pensionsforsakring AB increased its position in shares of PPG Industries by 11.3% in the first quarter. AMF Pensionsforsakring AB now owns 387,331 shares of the specialty chemicals company’s stock valued at $40,701,000 after buying an additional 39,409 shares during the last quarter. Finally, Meyer Handelman Co. increased its position in shares of PPG Industries by 0.8% in the first quarter. Meyer Handelman Co. now owns 260,052 shares of the specialty chemicals company’s stock valued at $27,326,000 after buying an additional 2,000 shares during the last quarter. 71.54% of the stock is owned by institutional investors.
Shares of PPG Industries, Inc. (NYSE PPG) opened at 103.72 on Friday. The company has a market capitalization of $26.60 billion, a PE ratio of 27.29 and a beta of 1.54. The company has a 50-day moving average price of $106.28 and a 200 day moving average price of $106.32. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the company earned $1.73 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. Equities analysts anticipate that PPG Industries, Inc. will post $6.11 EPS 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 issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.74%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. PPG Industries’s dividend payout ratio is presently 46.88%.
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Several research analysts have commented on the company. Deutsche Bank AG boosted their target price on PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. BidaskClub downgraded PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Argus raised PPG Industries from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Bank of America Corporation downgraded 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 reissued a “buy” rating and set 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 seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $115.20.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $102.49, for a total value of $1,907,953.84. Following the sale, the insider now directly owns 15,545 shares in the company, valued at $1,593,207.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $100.80, for a total value of $1,997,049.60. Following the completion of the sale, the vice president now owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
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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