PPG Industries, Inc. (PPG) Shares Bought by American Century Companies Inc.
American Century Companies Inc. raised its position in PPG Industries, Inc. (NYSE:PPG) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 369,600 shares of the specialty chemicals company’s stock after buying an additional 36,710 shares during the period. American Century Companies Inc. owned about 0.14% of PPG Industries worth $40,641,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of PPG Industries by 2.9% in the first quarter. Vanguard Group Inc. now owns 19,441,146 shares of the specialty chemicals company’s stock worth $2,042,875,000 after buying an additional 541,039 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in PPG Industries by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock worth $1,948,708,000 after buying an additional 216,278 shares during the period. BlackRock Inc. increased its stake in 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 worth $1,533,684,000 after buying an additional 13,902,595 shares during the period. Clearbridge Investments LLC increased its stake in PPG Industries by 4.7% in the first quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock worth $524,545,000 after buying an additional 222,376 shares during the period. Finally, Lazard Asset Management LLC increased its stake in 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 worth $442,716,000 after buying an additional 3,643,443 shares during the period. Institutional investors and hedge funds own 74.17% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) opened at 103.81 on Thursday. The stock has a market capitalization of $26.63 billion, a PE ratio of 27.31 and a beta of 1.54. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $113.67. The stock has a 50 day moving average price of $106.28 and a 200-day moving average price of $106.32.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 earnings per share. On average, equities research analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The firm also recently announced 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. The ex-dividend date is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.73%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is presently 46.88%.
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PPG has been the subject of a number of research reports. 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 report on Monday, July 24th. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $120.00 target price on shares of PPG Industries in a report on Thursday, July 6th. Deutsche Bank AG lifted their target price on PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, July 21st. Finally, BidaskClub raised PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $115.20.
In other news, insider Viktoras R. Sekmakas sold 18,616 shares of the company’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the transaction, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction on Friday, August 11th. The stock was 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 directly owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate 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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