Retirement Systems of Alabama decreased its position in shares of PPG Industries Inc. (NYSE:PPG) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,643 shares of the company’s stock after selling 103 shares during the period. Retirement Systems of Alabama’s holdings in PPG Industries were worth $14,127,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in PPG. Meeder Asset Management Inc. acquired a new stake in shares of PPG Industries during the first quarter worth approximately $144,000. Invictus RG acquired a new stake in shares of PPG Industries during the first quarter worth approximately $147,000. Nikko Asset Management Americas Inc. acquired a new stake in shares of PPG Industries during the first quarter worth approximately $157,000. Massmutual Trust Co. FSB ADV raised its stake in shares of PPG Industries by 12.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,413 shares of the company’s stock worth $158,000 after buying an additional 162 shares during the period. Finally, Checchi Capital Advisers LLC raised its stake in shares of PPG Industries by 3.1% in the second quarter. Checchi Capital Advisers LLC now owns 1,944 shares of the company’s stock worth $202,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 73.04% of the company’s stock.
Shares of PPG Industries Inc. (NYSE:PPG) traded up 1.27% during midday trading on Friday, reaching $103.36. The company had a trading volume of 1,716,461 shares. The firm has a market capitalization of $27.52 billion, a price-to-earnings ratio of 19.10 and a beta of 1.44. The company has a 50 day moving average of $104.00 and a 200 day moving average of $107.24. PPG Industries Inc. has a 12-month low of $88.37 and a 12-month high of $117.00.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 21st. The company reported $1.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.85. The business earned $4.10 billion during the quarter, compared to the consensus estimate of $4.17 billion. PPG Industries had a return on equity of 30.94% and a net margin of 9.57%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.67 earnings per share. Analysts anticipate that PPG Industries Inc. will post $6.18 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Wednesday, August 10th were issued a $0.40 dividend. The ex-dividend date was Monday, August 8th. This represents a $1.60 dividend on an annualized basis and a yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is 29.57%.
A number of brokerages have commented on PPG. Zacks Investment Research lowered shares of PPG Industries from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, June 15th. Jefferies Group reaffirmed a “buy” rating on shares of PPG Industries in a report on Wednesday, July 6th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a report on Friday, June 17th. Finally, Longbow Research raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a report on Thursday, June 23rd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. PPG Industries currently has a consensus rating of “Buy” and an average target price of $121.17.
In other news, insider Viktoras R. Sekmakas sold 40,950 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $106.64, for a total transaction 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 available through this hyperlink. Also, VP Timothy M. Knavish sold 9,300 shares of the firm’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 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. Insiders own 0.68% of the company’s stock.
About PPG Industries
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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