Burney Co. lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 7.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,071 shares of the specialty chemicals company’s stock after selling 4,683 shares during the period. Burney Co.’s holdings in PPG Industries were worth $6,696,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Harbour Capital Advisors LLC grew its stake in shares of PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after acquiring an additional 10,896 shares during the last quarter. V Wealth Management LLC acquired a new stake in shares of PPG Industries in the second quarter worth $112,000. State of Alaska Department of Revenue acquired a new stake in shares of PPG Industries in the second quarter worth $113,000. Coconut Grove Bank grew its stake in shares of PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock worth $124,000 after acquiring an additional 600 shares during the last quarter. Finally, Global X Management Co. LLC lifted its position in PPG Industries by 26.7% in the first quarter. Global X Management Co. LLC now owns 1,180 shares of the specialty chemicals company’s stock worth $124,000 after purchasing an additional 249 shares during the period. Institutional investors own 74.17% of the company’s stock.
Several research analysts recently commented on PPG shares. 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 set a $120.00 price objective on shares of PPG Industries in a report on Friday, May 26th. Argus raised PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Credit Suisse Group reissued an “outperform” rating and set a $114.00 price objective (up from $109.00) on shares of PPG Industries in a report on Monday, July 17th. They noted that the move was a valuation call. Finally, BidaskClub raised PPG Industries from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $115.19.
In other news, VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction that occurred on 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 $5,316,998.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the completion of the transaction, the insider now owns 15,545 shares in the company, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.
PPG Industries, Inc. (NYSE:PPG) opened at 106.30 on Friday. The firm has a market capitalization of $27.26 billion, a price-to-earnings ratio of 27.97 and a beta of 1.55. The stock’s 50 day moving average price is $104.13 and its 200 day moving average price is $106.63. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week 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 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter last year, the firm posted $1.73 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts anticipate that PPG Industries, Inc. will post $6.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, August 8th. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio (DPR) is 46.88%.
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PPG Industries 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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