Commerzbank Aktiengesellschaft FI reduced its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 62.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,621 shares of the specialty chemicals company’s stock after selling 4,342 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in PPG Industries were worth $288,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Oppenheimer Asset Management Inc. increased its holdings in PPG Industries by 0.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 41,311 shares of the specialty chemicals company’s stock valued at $4,542,000 after buying an additional 241 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in PPG Industries by 1.8% during the second quarter. Oppenheimer & Co. Inc. now owns 6,466 shares of the specialty chemicals company’s stock valued at $711,000 after buying an additional 114 shares during the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in PPG Industries during the second quarter valued at approximately $9,181,000. Swiss National Bank increased its holdings in PPG Industries by 0.4% during the second quarter. Swiss National Bank now owns 938,860 shares of the specialty chemicals company’s stock valued at $103,237,000 after buying an additional 3,500 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. increased its holdings in PPG Industries by 1.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,663 shares of the specialty chemicals company’s stock valued at $403,000 after buying an additional 54 shares during the last quarter. 74.17% of the stock is owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (NYSE PPG) opened at 105.90 on Tuesday. The stock has a 50 day moving average of $104.11 and a 200 day moving average of $106.60. PPG Industries, Inc. has a 52 week low of $89.64 and a 52 week high of $113.67. The stock has a market cap of $27.16 billion, a P/E ratio of 27.86 and a beta of 1.55.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the consensus estimate of $1.83. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 EPS. On average, analysts expect that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th will be given a dividend of $0.45 per share. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 1.70%. PPG Industries’s payout ratio is presently 46.88%.
In other news, VP Glenn E. Bost II sold 19,812 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $102.49, for a total transaction of $1,907,953.84. Following the transaction, 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. Insiders own 0.72% of the company’s stock.
PPG has been the subject of a number of recent analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $115.00 price target on shares of PPG Industries in a research report on Friday, September 1st. Deutsche Bank AG upped their price target on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, July 21st. Argus upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.61 to $136.00 in a research report on Wednesday, July 5th. TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b+” rating in a research report on Monday, May 22nd. Finally, Credit Suisse Group restated an “outperform” rating and set a $114.00 target price (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. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $115.19.
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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