BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in PPG Industries, Inc. (NYSE:PPG) by 2.3% during the second quarter, Holdings Channel reports. The fund owned 147,471 shares of the specialty chemicals company’s stock after buying an additional 3,374 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PPG Industries were worth $16,216,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PPG. Vanguard Group Inc. raised its position in PPG Industries by 2.9% in the first quarter. Vanguard Group Inc. now owns 19,441,146 shares of the specialty chemicals company’s stock valued at $2,042,875,000 after buying an additional 541,039 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in PPG Industries by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 18,544,989 shares of the specialty chemicals company’s stock valued at $1,948,708,000 after buying an additional 216,278 shares during the last quarter. 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. Clearbridge Investments LLC raised its position in PPG Industries by 4.7% in the first quarter. Clearbridge Investments LLC now owns 4,991,865 shares of the specialty chemicals company’s stock valued at $524,545,000 after buying an additional 222,376 shares during the last quarter. Finally, 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. 71.54% of the stock is owned by hedge funds and other institutional investors.
Shares of PPG Industries, Inc. (PPG) opened at 102.56 on Tuesday. 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 $26.30 billion, a P/E ratio of 26.98 and a beta of 1.54. The stock has a 50 day moving average price of $108.00 and a 200-day moving average price of $106.24.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ 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 return on equity of 29.47% and a net margin of 6.79%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. Equities analysts predict that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Tuesday, August 8th. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is 46.88%.
PPG has been the subject of several recent research reports. SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and reduced their price target for the stock from $120.00 to $113.00 in a research report on Monday, July 24th. TheStreet raised PPG Industries from a “c+” rating to a “b+” rating in a research report on Monday, May 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $120.00 price target (up from $113.00) on shares of PPG Industries in a research report on Tuesday, April 18th. 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 report on Monday, April 24th. Finally, Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently 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 business’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 transaction, the vice president now owns 52,748 shares in the company, valued at approximately $5,316,998.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.72% of the company’s stock.
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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