Stock Traders Buy High Volume of PPG Industries Call Options (PPG)
PPG Industries, Inc. (NYSE:PPG) was the target of some unusual options trading activity on Friday. Stock investors purchased 11,028 call options on the stock. This represents an increase of approximately 1,505% compared to the average daily volume of 687 call options.
PPG Industries (NYSE PPG) opened at 108.66 on Monday. PPG Industries has a 52 week low of $89.64 and a 52 week high of $113.67. The firm has a market capitalization of $27.87 billion, a PE ratio of 28.59 and a beta of 1.55. The firm has a 50-day moving average of $104.24 and a 200 day moving average of $106.76.
PPG Industries (NYSE:PPG) last released its quarterly earnings data 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 business 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 business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.73 EPS. Analysts predict that PPG Industries will post $6.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were given a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 1.66%. PPG Industries’s dividend payout ratio (DPR) is currently 46.88%.
A number of analysts have recently commented on PPG shares. Bank of America Corporation cut PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research report on Monday, July 24th. Robert W. Baird reissued a “buy” rating and issued a $115.00 target price on shares of PPG Industries in a research report on Friday, September 1st. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Jefferies Group LLC restated a “buy” rating and set a $120.00 price target on shares of PPG Industries in a research note on Thursday, July 6th. Finally, Deutsche Bank AG raised their price target on PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $115.31.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the business’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 completion of the sale, the insider now directly owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the completion of the sale, the vice president now directly owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its position 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 acquiring an additional 13,902,595 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of PPG Industries by 639.5% in 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. Nordea Investment Management AB increased its holdings in shares of PPG Industries by 15,312.6% in the 1st quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock worth $189,909,000 after acquiring an additional 1,795,556 shares during the period. Capital Research Global Investors acquired a new stake in shares of PPG Industries in the 2nd quarter worth about $192,226,000. Finally, OppenheimerFunds Inc. increased its holdings in shares of PPG Industries by 113.5% in the 1st quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock worth $266,046,000 after acquiring an additional 1,346,064 shares during the period. Institutional investors own 73.92% of the company’s stock.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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