tru Independence LLC trimmed its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 59.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,200 shares of the specialty chemicals company’s stock after selling 1,792 shares during the period. tru Independence LLC’s holdings in PPG Industries were worth $127,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Clearbridge Investments LLC boosted its stake in PPG Industries by 16.9% in the 1st quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock worth $549,362,000 after purchasing an additional 947,678 shares during the period. First Eagle Investment Management LLC acquired a new position in PPG Industries in the 1st quarter worth approximately $74,708,000. Nuveen Asset Management LLC boosted its stake in shares of PPG Industries by 52.5% during the 1st quarter. Nuveen Asset Management LLC now owns 2,372,351 shares of the specialty chemicals company’s stock valued at $198,329,000 after buying an additional 816,465 shares during the period. Ceredex Value Advisors LLC boosted its stake in shares of PPG Industries by 136.0% during the 1st quarter. Ceredex Value Advisors LLC now owns 943,250 shares of the specialty chemicals company’s stock valued at $78,856,000 after buying an additional 543,600 shares during the period. Finally, FMR LLC boosted its stake in shares of PPG Industries by 84.3% during the 2nd quarter. FMR LLC now owns 1,136,356 shares of the specialty chemicals company’s stock valued at $120,522,000 after buying an additional 519,829 shares during the period. Hedge funds and other institutional investors own 77.11% of the company’s stock.
NYSE:PPG traded up $0.43 on Wednesday, reaching $130.35. The stock had a trading volume of 17,764 shares, compared to its average volume of 1,842,814. The company has a market capitalization of $30.66 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 5.11 and a beta of 1.26. PPG Industries, Inc. has a 1-year low of $69.77 and a 1-year high of $134.36. The company has a quick ratio of 1.03, a current ratio of 1.35 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average price of $118.39 and a 200-day moving average price of $103.03.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.29. PPG Industries had a net margin of 7.23% and a return on equity of 23.88%. The company had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same period in the previous year, the firm posted $1.85 earnings per share. Sell-side analysts predict that PPG Industries, Inc. will post 4.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 10th were paid a $0.54 dividend. The ex-dividend date was Friday, August 7th. This is an increase from PPG Industries’s previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.66%. PPG Industries’s payout ratio is currently 34.73%.
A number of research analysts have recently weighed in on the stock. Barclays raised their price target on shares of PPG Industries from $106.00 to $120.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Morgan Stanley lifted their target price on shares of PPG Industries from $112.00 to $120.00 and gave the stock an “equal weight” rating in a report on Friday, August 14th. Bank of America lifted their target price on shares of PPG Industries from $120.00 to $121.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. SunTrust Banks upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their target price for the stock from $92.00 to $132.00 in a report on Monday, July 20th. Finally, TheStreet upgraded shares of PPG Industries from a “c+” rating to a “b-” rating in a report on Wednesday, August 26th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. PPG Industries currently has an average rating of “Buy” and an average price target of $120.50.
In other PPG Industries news, EVP Timothy M. Knavish sold 15,300 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $120.69, for a total value of $1,846,557.00. Insiders own 0.41% of the company’s stock.
PPG Industries Company 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.
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