Summit Asset Management LLC held its position in PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,456 shares of the specialty chemicals company’s stock at the end of the second quarter. PPG Industries makes up about 0.6% of Summit Asset Management LLC’s portfolio, making the stock its 29th largest position. Summit Asset Management LLC’s holdings in PPG Industries were worth $1,040,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. V Wealth Management LLC bought a new position in PPG Industries during the second quarter valued at $112,000. State of Alaska Department of Revenue bought a new position in PPG Industries during the second quarter valued at $113,000. Baystate Wealth Management LLC boosted its position in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares during the period. Coconut Grove Bank boosted its position in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock valued at $124,000 after buying an additional 600 shares during the period. Finally, Global X Management Co. LLC boosted 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 buying an additional 249 shares during the period. Hedge funds and other institutional investors own 71.54% of the company’s stock.
PPG Industries, Inc. (NYSE:PPG) traded down 0.72% during mid-day trading on Wednesday, hitting $103.79. 132,328 shares of the company were exchanged. The company has a market capitalization of $26.62 billion, a P/E ratio of 27.31 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. The company’s 50-day moving average is $106.91 and its 200 day moving average is $106.31.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period last year, the company posted $1.73 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. Analysts expect that PPG Industries, Inc. will post $6.11 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.72%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio (DPR) is currently 46.88%.
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Several research analysts recently weighed in on the stock. Royal Bank Of Canada restated a “hold” rating and issued a $109.00 price objective on shares of PPG Industries in a research report on Wednesday, August 9th. BidaskClub cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. SunTrust Banks, Inc. cut shares of PPG Industries from a “buy” rating to a “hold” rating and dropped their target price for the company from $120.00 to $113.00 in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $114.50.
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 completion of the transaction, the vice president now directly owns 52,748 shares in the company, valued at approximately $5,316,998.40. The sale was disclosed in a document filed 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 transaction, the insider now owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
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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