Conning Inc. boosted its position in shares of PPG Industries Inc. (NYSE:PPG) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 15,502 shares of the company’s stock after buying an additional 10 shares during the period. Conning Inc.’s holdings in PPG Industries were worth $1,615,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the stock. Legal & General Group Plc increased its position in PPG Industries by 2.7% in the first quarter. Legal & General Group Plc now owns 1,128,300 shares of the company’s stock worth $125,793,000 after buying an additional 30,011 shares during the period. Royal Bank of Canada increased its position in PPG Industries by 39.6% in the first quarter. Royal Bank of Canada now owns 669,805 shares of the company’s stock worth $74,678,000 after buying an additional 189,934 shares during the period. Wellington Management Group LLP increased its position in PPG Industries by 167.3% in the first quarter. Wellington Management Group LLP now owns 1,476,493 shares of the company’s stock worth $164,615,000 after buying an additional 924,195 shares during the period. Capstone Asset Management Co. increased its position in PPG Industries by 1.5% in the second quarter. Capstone Asset Management Co. now owns 29,148 shares of the company’s stock worth $3,036,000 after buying an additional 426 shares during the period. Finally, Acadian Asset Management LLC increased its position in PPG Industries by 451.4% in the second quarter. Acadian Asset Management LLC now owns 8,028 shares of the company’s stock worth $836,000 after buying an additional 6,572 shares during the period. 73.04% of the stock is currently owned by institutional investors.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 0.13% during trading on Friday, hitting $103.27. 1,648,992 shares of the stock were exchanged. PPG Industries Inc. has a 12-month low of $82.93 and a 12-month high of $117.00. The stock has a market cap of $27.50 billion, a P/E ratio of 19.08 and a beta of 1.44. The stock has a 50-day moving average of $104.26 and a 200 day moving average of $107.26.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 21st. The company reported $1.85 EPS for the quarter, meeting analysts’ consensus estimates of $1.85. The business earned $4.10 billion during the quarter, compared to analyst estimates of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. PPG Industries’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the company posted $1.67 earnings per share. Equities analysts predict that PPG Industries Inc. will post $6.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Wednesday, August 10th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.55%. PPG Industries’s payout ratio is 29.57%.
PPG has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Friday, September 9th. Credit Suisse Group AG reiterated a “buy” rating and set a $115.00 price target on shares of PPG Industries in a research note on Tuesday, September 13th. Morgan Stanley reiterated a “hold” rating on shares of PPG Industries in a research note on Thursday, June 16th. Jefferies Group reiterated a “buy” rating on shares of PPG Industries in a research note on Wednesday, July 6th. Finally, Longbow Research upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a research note on Thursday, June 23rd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $121.17.
In related news, insider Viktoras R. Sekmakas sold 40,950 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total value of $4,366,908.00. Following the completion of the transaction, the insider now directly owns 69,044 shares in the company, valued at $7,362,852.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy M. Knavish sold 9,300 shares of the company’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $104.08, for a total value of $967,944.00. Following the completion of the transaction, the vice president now owns 11,806 shares of the company’s stock, valued at $1,228,768.48. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.
PPG Industries Company Profile
PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.
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