Nordea Investment Management AB Has $303.30 Million Holdings in PPG Industries, Inc. (PPG)
Nordea Investment Management AB raised its stake in PPG Industries, Inc. (NYSE:PPG) by 52.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,758,249 shares of the specialty chemicals company’s stock after purchasing an additional 950,967 shares during the quarter. Nordea Investment Management AB owned approximately 1.08% of PPG Industries worth $303,297,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in PPG Industries by 1.6% in the second quarter. Vanguard Group Inc. now owns 19,751,232 shares of the specialty chemicals company’s stock valued at $2,171,845,000 after purchasing an additional 310,086 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of PPG Industries by 1.2% during the 1st 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 acquiring an additional 216,278 shares during the period. BlackRock Inc. boosted its stake in shares of PPG Industries by 2,006.8% during the 1st quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after acquiring an additional 13,902,595 shares during the period. Clearbridge Investments LLC boosted its stake in shares of PPG Industries by 4.7% during the 1st quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock worth $524,545,000 after acquiring an additional 222,376 shares during the period. Finally, Lazard Asset Management LLC boosted its stake in shares of PPG Industries by 639.5% during the 1st quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock worth $442,716,000 after acquiring an additional 3,643,443 shares during the period. Hedge funds and other institutional investors own 73.92% of the company’s stock.
PPG Industries, Inc. (NYSE PPG) traded down 0.21% during mid-day trading on Friday, reaching $108.76. The company had a trading volume of 1,123,327 shares. The company’s 50-day moving average is $104.24 and its 200-day moving average is $106.76. The stock has a market capitalization of $27.89 billion, a PE ratio of 28.61 and a beta of 1.55. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share 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 in the prior year, the company earned $1.73 earnings per share. PPG Industries’s revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that PPG Industries, Inc. will post $6.10 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.66%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 8th. PPG Industries’s dividend payout ratio is 46.88%.
Several brokerages have recently commented on PPG. BidaskClub upgraded PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group reiterated an “outperform” rating and set a $114.00 target price (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. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research note on Thursday, July 6th. Finally, 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. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $115.19.
TRADEMARK VIOLATION WARNING: This story was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this story on another publication, it was copied illegally and reposted in violation of US and international copyright legislation. The legal version of this story can be read at https://www.thecerbatgem.com/2017/09/23/nordea-investment-management-ab-has-303-30-million-holdings-in-ppg-industries-inc-ppg.html.
In other PPG Industries news, VP Glenn E. Bost II sold 19,812 shares of the 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 of the company’s stock, valued at $5,316,998.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the 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 disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.
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.
Want to see what other hedge funds are holding PPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PPG Industries, Inc. (NYSE:PPG).
Receive News & Stock Ratings for PPG Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries Inc. and related stocks with our FREE daily email newsletter.