Cypress Wealth Advisors LLC decreased its position in PPG Industries, Inc. (NYSE:PPG) by 4.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,963 shares of the specialty chemicals company’s stock after selling 94 shares during the period. Cypress Wealth Advisors LLC’s holdings in PPG Industries were worth $216,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in PPG. Harbour Capital Advisors LLC boosted its stake in PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after purchasing an additional 10,896 shares in the last quarter. Bruderman Asset Management LLC bought a new position in PPG Industries in the 2nd quarter worth about $105,000. V Wealth Management LLC bought a new position in PPG Industries in the 2nd quarter worth about $112,000. State of Alaska Department of Revenue bought a new position in PPG Industries in the 2nd quarter worth about $113,000. Finally, Global X Management Co. LLC boosted its stake in PPG Industries by 26.7% in the 1st quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares in the last quarter. Institutional investors own 73.92% of the company’s stock.
A number of equities analysts recently issued reports on the stock. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group reissued an “outperform” rating and issued 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. Argus raised PPG Industries from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.61 to $136.00 in a research report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research report on Thursday, July 6th. Finally, Zacks Investment Research lowered PPG Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $115.67.
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In other PPG Industries news, insider Viktoras R. Sekmakas sold 18,616 shares of the company’s 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 sale, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the business earned $1.73 EPS. PPG Industries’s revenue was up .6% on a year-over-year basis.
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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