Prime Capital Investment Advisors LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 213 shares of the specialty chemicals company’s stock, valued at approximately $25,000.
Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of PPG Industries by 0.5% during the second quarter. Vanguard Group Inc. now owns 20,084,688 shares of the specialty chemicals company’s stock worth $2,344,085,000 after purchasing an additional 100,494 shares during the period. BlackRock Inc. raised its holdings in shares of PPG Industries by 1.6% during the second quarter. BlackRock Inc. now owns 14,692,566 shares of the specialty chemicals company’s stock worth $1,714,770,000 after purchasing an additional 232,493 shares during the period. Parnassus Investments CA raised its holdings in shares of PPG Industries by 0.4% during the third quarter. Parnassus Investments CA now owns 4,202,516 shares of the specialty chemicals company’s stock worth $498,040,000 after purchasing an additional 17,975 shares during the period. Northern Trust Corp raised its holdings in shares of PPG Industries by 2.3% during the second quarter. Northern Trust Corp now owns 2,861,816 shares of the specialty chemicals company’s stock worth $334,003,000 after purchasing an additional 63,949 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of PPG Industries by 2.8% during the second quarter. Bank of America Corp DE now owns 2,704,576 shares of the specialty chemicals company’s stock worth $315,653,000 after purchasing an additional 74,572 shares during the period. 77.20% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Michael H. Mcgarry sold 12,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $120.00, for a total transaction of $1,440,000.00. Following the completion of the transaction, the chief executive officer now owns 131,434 shares in the company, valued at approximately $15,772,080. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael H. Mcgarry sold 11,916 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $125.00, for a total transaction of $1,489,500.00. Following the transaction, the chief executive officer now owns 131,350 shares of the company’s stock, valued at approximately $16,418,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,366 shares of company stock valued at $6,888,000. Insiders own 0.37% of the company’s stock.
PPG Industries stock traded up $0.92 during trading hours on Friday, hitting $130.67. 12,545 shares of the company traded hands, compared to its average volume of 1,381,910. The firm has a market cap of $30.80 billion, a P/E ratio of 22.05, a P/E/G ratio of 2.23 and a beta of 1.24. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 1.02. The firm’s 50-day simple moving average is $122.11 and its two-hundred day simple moving average is $116.17. PPG Industries, Inc. has a 1-year low of $94.41 and a 1-year high of $130.81.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 17th. The specialty chemicals company reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.06. The firm had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.89 billion. PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. PPG Industries’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the company earned $1.45 EPS. On average, equities research analysts predict that PPG Industries, Inc. will post 6.25 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.04 annualized dividend and a dividend yield of 1.56%. PPG Industries’s dividend payout ratio (DPR) is 34.46%.
PPG has been the topic of a number of analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $130.00 price objective on shares of PPG Industries in a report on Friday, November 1st. Bank of America cut shares of PPG Industries from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $135.00 to $103.00 in a report on Friday, August 16th. UBS Group increased their price objective on shares of PPG Industries from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 price objective on the stock. in a report on Wednesday, October 16th. Finally, Barclays increased their price objective on shares of PPG Industries from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $128.44.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
Featured Story: Beige Book
Receive News & Ratings for PPG Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PPG Industries and related companies with MarketBeat.com's FREE daily email newsletter.