National Pension Service raised its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 10.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 235,377 shares of the specialty chemicals company’s stock after buying an additional 21,796 shares during the period. National Pension Service owned approximately 0.09% of PPG Industries worth $25,809,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in PPG. BlackRock Inc. raised its position in 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 valued at $1,533,684,000 after buying an additional 13,902,595 shares during the last quarter. Lazard Asset Management LLC raised its position in PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares during the last quarter. Nordea Investment Management AB raised its position in PPG Industries by 15,312.6% in the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock valued at $189,909,000 after buying an additional 1,795,556 shares during the last quarter. OppenheimerFunds Inc. raised its position in PPG Industries by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock valued at $266,046,000 after buying an additional 1,346,064 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in PPG Industries by 51.3% in the first quarter. Wells Fargo & Company MN now owns 2,420,642 shares of the specialty chemicals company’s stock valued at $254,360,000 after buying an additional 820,978 shares during the last quarter. Hedge funds and other institutional investors own 71.54% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE: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 firm has a 50-day moving average price of $107.13 and a 200-day moving average price of $106.21. The firm has a market cap of $26.18 billion, a price-to-earnings ratio of 26.86 and a beta of 1.54. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) 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 business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the company earned $1.73 earnings per share. PPG Industries’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.76%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. PPG Industries’s dividend payout ratio (DPR) is currently 46.88%.
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Several equities analysts recently commented on PPG shares. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 target price (up from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. Barclays PLC upped their target price on PPG Industries from $110.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, April 24th. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and upped their target price for the company from $110.61 to $136.00 in a research note on Wednesday, July 5th. TheStreet upgraded PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $114.00 target price (up from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $114.50.
In related news, VP Glenn E. Bost II sold 19,812 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the completion of the sale, the vice president now directly owns 52,748 shares in the company, valued at $5,316,998.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by company insiders.
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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