Pacific Alternative Asset Management Company LLC purchased a new position in shares of PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 32,382 shares of the specialty chemicals company’s stock, valued at approximately $3,561,000. PPG Industries makes up about 0.9% of Pacific Alternative Asset Management Company LLC’s holdings, making the stock its 15th biggest position.
Other hedge funds also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC raised its position in shares of PPG Industries by 10,896.0% during the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock worth $100,000 after buying an additional 10,896 shares in the last quarter. Bruderman Asset Management LLC acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $105,000. V Wealth Management LLC acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $112,000. State of Alaska Department of Revenue acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $113,000. Finally, Global X Management Co. LLC grew its stake in shares of PPG Industries by 26.7% in the 1st 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 last quarter. Institutional investors own 73.92% of the company’s stock.
PPG Industries, Inc. (NYSE:PPG) traded up 0.02% during mid-day trading on Friday, reaching $109.01. 286,406 shares of the company’s stock were exchanged. The company has a market cap of $27.96 billion, a PE ratio of 28.68 and a beta of 1.55. The stock has a 50-day moving average price of $104.24 and a 200 day moving average price of $106.76. PPG Industries, Inc. has a 52-week low of $89.64 and a 52-week high of $113.67.
PPG Industries (NYSE:PPG) last issued its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the consensus estimate of $1.83. The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $1.73 EPS. Equities analysts predict that PPG Industries, Inc. will post $6.10 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Thursday, August 10th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Tuesday, August 8th. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s dividend payout ratio is presently 46.88%.
Several equities analysts have recently issued reports on the stock. BidaskClub raised shares of PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $114.00 price objective (up previously 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. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of PPG Industries in a research note on Thursday, July 6th. Finally, Bank of America Corporation cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price objective on the stock. in a research note on Monday, July 24th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $115.19.
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In other news, VP Glenn E. Bost II sold 19,812 shares of the 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 completion of the sale, the vice president now owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Viktoras R. Sekmakas sold 18,616 shares of the 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 sale, the insider now directly owns 15,545 shares of the company’s stock, valued at approximately $1,593,207.05. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
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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