Bennicas & Associates Inc. continued to hold its position in shares of PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,182 shares of the specialty chemicals company’s stock at the end of the second quarter. Bennicas & Associates Inc.’s holdings in PPG Industries were worth $240,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Ledyard National Bank increased its position in shares of PPG Industries by 10.9% in the first quarter. Ledyard National Bank now owns 3,044 shares of the specialty chemicals company’s stock worth $320,000 after buying an additional 300 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of PPG Industries by 18.3% in the first quarter. LS Investment Advisors LLC now owns 31,078 shares of the specialty chemicals company’s stock worth $3,266,000 after buying an additional 4,799 shares in the last quarter. Swiss National Bank increased its position in shares of PPG Industries by 26.1% in the first quarter. Swiss National Bank now owns 935,360 shares of the specialty chemicals company’s stock worth $98,288,000 after buying an additional 193,800 shares in the last quarter. BlackRock Inc. increased its position in shares of PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock worth $1,533,684,000 after buying an additional 13,902,595 shares in the last quarter. Finally, Whittier Trust Co. increased its position in shares of PPG Industries by 1.0% in the first quarter. Whittier Trust Co. now owns 12,481 shares of the specialty chemicals company’s stock worth $1,312,000 after buying an additional 125 shares in the last quarter. Institutional investors own 71.54% of the company’s stock.
Shares of PPG Industries, Inc. (PPG) traded down 0.58% during midday trading on Friday, hitting $102.08. The stock had a trading volume of 1,778,770 shares. The stock has a market cap of $26.18 billion, a P/E ratio of 26.86 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 stock has a 50-day moving average price of $107.13 and a 200-day moving average price of $106.21.
PPG Industries (NYSE:PPG) last announced its 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 company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company’s revenue was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.73 earnings per share. Equities analysts forecast that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The business 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 of this dividend is Tuesday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 1.76%. PPG Industries’s dividend payout ratio (DPR) is presently 46.88%.
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PPG has been the topic of several research reports. Deutsche Bank AG restated a “hold” rating and issued a $110.00 target price (up previously from $102.00) on shares of PPG Industries in a research report on Sunday, April 23rd. Bank of America Corporation downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research report on Thursday, July 6th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, BidaskClub upgraded PPG Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Eleven equities research analysts have rated the stock with a hold rating and six have assigned 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 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 transaction of $1,997,049.60. Following the transaction, the vice president now owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.
About PPG Industries
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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