State of Wisconsin Investment Board increased its holdings in PPG Industries, Inc. (NYSE:PPG) by 9.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,045 shares of the specialty chemicals company’s stock after acquiring an additional 22,096 shares during the quarter. State of Wisconsin Investment Board owned about 0.10% of PPG Industries worth $28,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of PPG. Capital Research Global Investors bought a new position in shares of PPG Industries in the 2nd quarter worth about $192,226,000. Nordea Investment Management AB increased its stake in PPG Industries by 52.6% during the 2nd quarter. Nordea Investment Management AB now owns 2,758,249 shares of the specialty chemicals company’s stock valued at $303,297,000 after purchasing an additional 950,967 shares in the last quarter. Pioneer Investment Management Inc. increased its stake in PPG Industries by 208.1% during the 2nd quarter. Pioneer Investment Management Inc. now owns 1,183,124 shares of the specialty chemicals company’s stock valued at $130,096,000 after purchasing an additional 799,098 shares in the last quarter. Tesco Pension Investment Ltd increased its stake in PPG Industries by 113.9% during the 2nd quarter. Tesco Pension Investment Ltd now owns 1,164,148 shares of the specialty chemicals company’s stock valued at $128,010,000 after purchasing an additional 620,020 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new stake in PPG Industries during the 3rd quarter valued at about $63,331,000. Institutional investors own 74.57% of the company’s stock.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the transaction, the insider now owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.72% of the company’s stock.
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Shares of PPG Industries, Inc. (PPG) opened at $115.13 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.26 and a current ratio of 1.65. The stock has a market cap of $29,549.74, a PE ratio of 19.72, a PEG ratio of 2.31 and a beta of 1.59. PPG Industries, Inc. has a 1-year low of $93.80 and a 1-year high of $119.85.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.52. The company had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a net margin of 12.21% and a return on equity of 27.85%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.56 earnings per share. sell-side analysts forecast that PPG Industries, Inc. will post 5.9 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Thursday, November 9th. PPG Industries’s payout ratio is 26.12%.
PPG has been the subject of a number of analyst reports. Credit Suisse Group set a $113.00 price objective on shares of PPG Industries and gave the company a “buy” rating in a research note on Sunday, July 23rd. Jefferies Group LLC restated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Friday, September 15th. BidaskClub upgraded shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Robert W. Baird restated a “buy” rating and set a $115.00 price objective on shares of PPG Industries in a research note on Friday, September 1st. Finally, KeyCorp restated a “buy” rating and set a $125.00 price objective on shares of PPG Industries in a research note on Friday, August 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $119.36.
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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