Lazard Asset Management LLC Reduces Stake in PPG Industries, Inc. (PPG)
Lazard Asset Management LLC lowered its position in shares of PPG Industries, Inc. (NYSE:PPG) by 11.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,713,554 shares of the specialty chemicals company’s stock after selling 499,589 shares during the quarter. Lazard Asset Management LLC owned about 1.45% of PPG Industries worth $408,342,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of PPG. BlackRock Inc. lifted its holdings in shares of PPG Industries by 2,006.8% during 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 in the last quarter. Nordea Investment Management AB lifted its holdings in shares of PPG Industries by 15,312.6% during the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock worth $189,909,000 after buying an additional 1,795,556 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of PPG Industries by 113.5% during the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock worth $266,046,000 after buying an additional 1,346,064 shares in the last quarter. Pioneer Investment Management Inc. lifted its holdings in shares of PPG Industries by 208.1% during the second quarter. Pioneer Investment Management Inc. now owns 1,183,124 shares of the specialty chemicals company’s stock worth $130,096,000 after buying an additional 799,098 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of PPG Industries by 25.2% during the first quarter. Wellington Management Group LLP now owns 3,755,151 shares of the specialty chemicals company’s stock worth $394,593,000 after buying an additional 756,526 shares in the last quarter. 73.92% of the stock is owned by institutional investors.
PPG Industries, Inc. (PPG) traded down 0.09% during midday trading on Monday, hitting $106.20. The stock had a trading volume of 303,028 shares. The company has a market cap of $27.24 billion, a P/E ratio of 27.94 and a beta of 1.55. The firm’s 50-day moving average price is $104.13 and its 200 day moving average price is $106.63. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 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 analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 EPS. On average, analysts expect that PPG Industries, Inc. will post $6.10 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, August 8th. This is a boost 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 firms have recently weighed in on PPG. Jefferies Group LLC reissued a “buy” rating and set a $120.00 target price on shares of PPG Industries in a report on Friday. Royal Bank Of Canada restated a “hold” rating and issued a $109.00 price target on shares of PPG Industries in a research report on Wednesday, September 13th. Robert W. Baird restated a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research report on Friday, September 1st. KeyCorp restated a “buy” rating and issued a $125.00 price target on shares of PPG Industries in a research report on Friday, August 25th. Finally, Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. PPG Industries currently has an average rating of “Hold” and a consensus price target of $115.19.
In other PPG Industries news, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction 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 $1,593,207.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction 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 of the company’s stock, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. Company 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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