Johnson Financial Group Inc. Trims Holdings in PPG Industries, Inc. (PPG)
Johnson Financial Group Inc. trimmed its stake in PPG Industries, Inc. (NYSE:PPG) by 81.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,443 shares of the specialty chemicals company’s stock after selling 10,509 shares during the quarter. Johnson Financial Group Inc.’s holdings in PPG Industries were worth $269,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of PPG. Waldron LP acquired a new stake in PPG Industries in the first quarter worth $292,000. American Century Companies Inc. acquired a new position in shares of PPG Industries during the first quarter valued at about $34,980,000. DekaBank Deutsche Girozentrale grew its holdings in shares of PPG Industries by 35.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 124,036 shares of the specialty chemicals company’s stock valued at $13,116,000 after buying an additional 32,247 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of PPG Industries by 2.4% during the first quarter. Daiwa Securities Group Inc. now owns 9,350 shares of the specialty chemicals company’s stock valued at $982,000 after buying an additional 222 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of PPG Industries by 298.9% during the first quarter. Massmutual Trust Co. FSB ADV now owns 5,788 shares of the specialty chemicals company’s stock valued at $608,000 after buying an additional 4,337 shares during the last quarter. Institutional investors and hedge funds own 74.17% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) traded down 0.40% during mid-day trading on Friday, reaching $103.59. 1,210,286 shares of the company’s stock traded hands. The stock has a market cap of $26.57 billion, a price-to-earnings ratio of 27.25 and a beta of 1.55. PPG Industries, Inc. has a 12-month low of $89.64 and a 12-month high of $113.67. The firm’s 50 day moving average price is $104.17 and its 200-day moving average price is $106.51.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.83. The firm had revenue of $3.81 billion for 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 business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.73 EPS. Equities research analysts forecast that PPG Industries, Inc. will post $6.11 earnings per share 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 issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Tuesday, August 8th. 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%.
PPG has been the subject of a number of analyst reports. Deutsche Bank AG lifted their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the company a “hold” rating in a report on Friday, July 21st. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Robert W. Baird reiterated a “buy” rating and set a $115.00 price objective on shares of PPG Industries in a report on Friday, September 1st. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a report on Monday, May 22nd. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $114.00 price objective (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $115.19.
In other news, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $100.80, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $1,907,953.84. Following the completion of the transaction, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
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PPG Industries 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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