Zurich Insurance Group Ltd FI Has $4.98 Million Position in PPG Industries, Inc. (PPG)
Zurich Insurance Group Ltd FI lowered its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,313 shares of the specialty chemicals company’s stock after selling 1,212 shares during the period. Zurich Insurance Group Ltd FI’s holdings in PPG Industries were worth $4,983,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of PPG. Harbour Capital Advisors LLC raised its stake in PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after purchasing an additional 10,896 shares during the last quarter. Bruderman Asset Management LLC acquired a new stake in shares of PPG Industries during the 2nd quarter worth about $105,000. V Wealth Management LLC acquired a new stake in shares of PPG Industries during the 2nd quarter worth about $112,000. State of Alaska Department of Revenue acquired a new stake in shares of PPG Industries during the 2nd quarter worth about $113,000. Finally, Global X Management Co. LLC boosted its stake in shares of PPG Industries by 26.7% during the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the last quarter. 73.92% of the stock is currently owned by institutional investors and hedge funds.
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A number of equities analysts have recently weighed in on PPG shares. SunTrust Banks, Inc. lowered shares of PPG Industries from a “buy” rating to a “hold” rating and cut their price objective for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 25th. KeyCorp reaffirmed a “buy” rating and issued a $125.00 target price on shares of PPG Industries in a research note on Friday, August 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Friday, September 15th. Finally, Credit Suisse Group set a $113.00 price target on PPG Industries and gave the company a “buy” rating in a report on Sunday, July 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned 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 company’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction 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 approximately $1,593,207.05. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 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.
PPG Industries, Inc. (PPG) traded up 0.97% during midday trading on Monday, hitting $109.71. 198,418 shares of the stock traded hands. The firm has a market cap of $28.14 billion, a P/E ratio of 28.86 and a beta of 1.55. The company has a 50-day moving average price of $104.24 and a 200-day moving average price of $106.76. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67. PPG Industries also saw unusually large options trading on Friday. Stock traders 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) last issued its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, meeting the Zacks’ 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 for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the firm posted $1.73 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Analysts predict that PPG Industries, Inc. will post $6.05 EPS for the current year.
The business also recently declared 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%. The ex-dividend date was 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 46.88%.
PPG Industries Profile
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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