Canada Pension Plan Investment Board reduced its position in PPG Industries, Inc. (NYSE:PPG) by 79.8% during the second quarter, Holdings Channel reports. The fund owned 105,229 shares of the specialty chemicals company’s stock after selling 415,000 shares during the period. Canada Pension Plan Investment Board’s holdings in PPG Industries were worth $11,571,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of PPG. IFC Holdings Incorporated FL increased its position in shares of PPG Industries by 5.3% in the first quarter. IFC Holdings Incorporated FL now owns 2,790 shares of the specialty chemicals company’s stock worth $291,000 after buying an additional 141 shares during the last quarter. OLD Dominion Capital Management Inc. increased its position in shares of PPG Industries by 27.6% in the first quarter. OLD Dominion Capital Management Inc. now owns 6,532 shares of the specialty chemicals company’s stock worth $686,000 after buying an additional 1,414 shares during the last quarter. BTIM Corp. increased its position in shares of PPG Industries by 8.1% in the first quarter. BTIM Corp. now owns 341,123 shares of the specialty chemicals company’s stock worth $35,846,000 after buying an additional 25,416 shares during the last quarter. Waldron LP purchased a new position in shares of PPG Industries during the first quarter worth about $292,000. Finally, Mn Services Vermogensbeheer B.V. increased its position in shares of PPG Industries by 3.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,040 shares of the specialty chemicals company’s stock worth $692,000 after buying an additional 224 shares during the last quarter. 71.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 102.68 on Friday. The stock has a 50 day moving average of $107.35 and a 200 day moving average of $106.21. The stock has a market capitalization of $26.34 billion, a P/E ratio of 27.01 and a beta of 1.54. PPG Industries, Inc. has a 12-month low of $89.64 and a 12-month high of $113.67.
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 analysts’ consensus estimates of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company 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 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 1.75%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is presently 46.88%.
A number of research analysts have recently issued reports on the stock. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $114.00 price objective (up previously from $109.00) on shares of PPG Industries in a research report on Monday, July 17th. They noted that the move was a valuation call. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Barclays PLC lifted their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a research report on Monday, April 24th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $114.50.
In other PPG Industries news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by company insiders.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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