Crossmark Global Holdings Inc. Takes $2.84 Million Position in PPG Industries, Inc. (PPG)
Crossmark Global Holdings Inc. purchased a new stake in shares of PPG Industries, Inc. (NYSE:PPG) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 26,174 shares of the specialty chemicals company’s stock, valued at approximately $2,844,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PPG. Harfst & Associates Inc. boosted its stake in shares of PPG Industries by 28.4% during the 1st quarter. Harfst & Associates Inc. now owns 4,897 shares of the specialty chemicals company’s stock worth $514,000 after acquiring an additional 1,084 shares in the last quarter. 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 in the last quarter. Epoch Investment Partners Inc. bought a new stake in shares of PPG Industries during the 1st quarter worth $2,096,000. Dynamic Capital Management Ltd bought a new stake in shares of PPG Industries during the 1st quarter worth $2,452,000. Finally, Brown Advisory Securities LLC boosted its stake in shares of PPG Industries by 10.2% during the 1st quarter. Brown Advisory Securities LLC now owns 2,475 shares of the specialty chemicals company’s stock worth $260,000 after acquiring an additional 230 shares in the last quarter. 74.51% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the 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 sale, the insider now directly owns 15,545 shares in the company, 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 stock in a transaction on Friday, August 11th. The stock was 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 $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.
Several equities research analysts have recently weighed in on PPG shares. Credit Suisse Group reissued an “outperform” rating and set a $114.00 price objective (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. BidaskClub raised PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG raised their price objective on PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $120.00 to $113.00 in a research note on Monday, July 24th. Finally, Bank of America Corporation lowered PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price objective for the company. in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. PPG Industries currently has an average rating of “Hold” and an average target price of $119.36.
Shares of PPG Industries, Inc. (PPG) opened at $116.53 on Friday. The stock has a market capitalization of $29,654.09, a price-to-earnings ratio of 19.78, a PEG ratio of 2.32 and a beta of 1.59. PPG Industries, Inc. has a 1-year low of $90.88 and a 1-year high of $119.85. The company has a quick ratio of 1.26, a current ratio of 1.65 and a debt-to-equity ratio of 0.68.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The business had revenue of $3.78 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the company earned $1.56 earnings per share. PPG Industries’s quarterly revenue was up 3.2% compared to the same quarter last year. sell-side analysts expect that PPG Industries, Inc. will post 5.9 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be issued a dividend of $0.45 per share. The ex-dividend date is Thursday, November 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.54%. PPG Industries’s dividend payout ratio is 26.12%.
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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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