Simmons Bank Has $723,000 Stake in PPG Industries, Inc. (PPG)
Simmons Bank maintained its stake in PPG Industries, Inc. (NYSE:PPG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,576 shares of the specialty chemicals company’s stock at the end of the 2nd quarter. Simmons Bank’s holdings in PPG Industries were worth $723,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Harbour Capital Advisors LLC lifted its position in PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after acquiring an additional 10,896 shares during the last quarter. Bruderman Asset Management LLC purchased a new stake in PPG Industries in the second quarter valued at $105,000. V Wealth Management LLC purchased a new stake in PPG Industries in the second quarter valued at $112,000. State of Alaska Department of Revenue purchased a new stake in PPG Industries in the second quarter valued at $113,000. Finally, Global X Management Co. LLC lifted its position in PPG Industries by 26.7% in the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock valued at $124,000 after acquiring an additional 249 shares during the last quarter. 73.92% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction dated 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 sale, the vice president now owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the stock in a transaction dated 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 sale, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.
A number of equities research analysts recently weighed in on PPG shares. SunTrust Banks, Inc. cut shares of PPG Industries from a “buy” rating to a “hold” rating and reduced their price target for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 25th. KeyCorp reissued a “buy” rating and issued a $125.00 price target on shares of PPG Industries in a research report on Friday, August 25th. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 price target on shares of PPG Industries in a research report on Friday, September 15th. Finally, Credit Suisse Group set a $113.00 price target on shares of PPG Industries and gave the company a “buy” rating in a research report on Sunday, July 23rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. PPG Industries presently has an average rating of “Hold” and a consensus target price of $115.31.
Shares of PPG Industries, Inc. (PPG) traded down 0.41% on Monday, hitting $112.82. 337,982 shares of the stock were exchanged. The firm’s 50 day moving average price is $106.65 and its 200 day moving average price is $107.35. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $114.15. The firm has a market cap of $28.94 billion, a price-to-earnings ratio of 29.68 and a beta of 1.55.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter last year, the company earned $1.73 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts anticipate that PPG Industries, Inc. will post $6.03 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Thursday, August 10th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date 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 46.88%.
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PPG Industries Company 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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