State of Tennessee Treasury Department trimmed its stake in PPG Industries, Inc. (NYSE:PPG) by 12.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,507 shares of the specialty chemicals company’s stock after selling 7,088 shares during the period. State of Tennessee Treasury Department’s holdings in PPG Industries were worth $5,145,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PPG. CX Institutional grew its stake in PPG Industries by 144.0% during the 2nd quarter. CX Institutional now owns 327 shares of the specialty chemicals company’s stock worth $35,000 after buying an additional 193 shares during the last quarter. AlphaMark Advisors LLC grew its stake in PPG Industries by 87.5% during the 2nd quarter. AlphaMark Advisors LLC now owns 375 shares of the specialty chemicals company’s stock worth $40,000 after buying an additional 175 shares during the last quarter. Motco grew its stake in PPG Industries by 1,781.3% during the 2nd quarter. Motco now owns 602 shares of the specialty chemicals company’s stock worth $64,000 after buying an additional 570 shares during the last quarter. Campbell Wealth Management purchased a new position in PPG Industries during the 2nd quarter worth $66,000. Finally, Aigen Investment Management LP purchased a new position in PPG Industries during the 1st quarter worth $54,000. 77.11% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Timothy M. Knavish sold 15,300 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $120.69, for a total value of $1,846,557.00. 0.41% of the stock is currently owned by company insiders.
Shares of NYSE PPG opened at $122.61 on Friday. The stock has a market cap of $28.98 billion, a P/E ratio of 23.80, a PEG ratio of 4.91 and a beta of 1.26. The company has a current ratio of 1.35, a quick ratio of 1.03 and a debt-to-equity ratio of 0.93. PPG Industries, Inc. has a 12-month low of $69.77 and a 12-month high of $134.36. The business’s fifty day simple moving average is $115.41 and its 200-day simple moving average is $102.74.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.29. The business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $2.83 billion. PPG Industries had a return on equity of 23.88% and a net margin of 7.23%. During the same period last year, the firm earned $1.85 earnings per share. On average, equities analysts forecast that PPG Industries, Inc. will post 4.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be paid a $0.54 dividend. This is a boost from PPG Industries’s previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Friday, August 7th. PPG Industries’s dividend payout ratio (DPR) is presently 34.73%.
Several research analysts recently weighed in on the company. Deutsche Bank boosted their target price on PPG Industries from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Robert W. Baird boosted their price target on PPG Industries from $120.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Barclays boosted their price target on PPG Industries from $106.00 to $120.00 and gave the company an “equal weight” rating in a research note on Monday, July 20th. Morgan Stanley upped their target price on PPG Industries from $112.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Friday, August 14th. Finally, Bank of America upped their target price on PPG Industries from $120.00 to $121.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $120.50.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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