AHL Partners LLP trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 22.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,605 shares of the specialty chemicals company’s stock after selling 5,830 shares during the quarter. AHL Partners LLP’s holdings in PPG Industries were worth $2,266,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PPG. Waldron LP purchased a new stake in PPG Industries during the first quarter worth $292,000. Meiji Yasuda Life Insurance Co boosted its position in PPG Industries by 3.8% during the first quarter. Meiji Yasuda Life Insurance Co now owns 2,750 shares of the specialty chemicals company’s stock worth $289,000 after purchasing an additional 100 shares in the last quarter. Mawer Investment Management Ltd. boosted its position in PPG Industries by 3.1% during the first quarter. Mawer Investment Management Ltd. now owns 687,885 shares of the specialty chemicals company’s stock worth $72,283,000 after purchasing an additional 20,760 shares in the last quarter. Bank of The Ozarks purchased a new stake in PPG Industries during the first quarter worth $248,000. Finally, Stifel Financial Corp boosted its position in PPG Industries by 58.6% during the first quarter. Stifel Financial Corp now owns 210,859 shares of the specialty chemicals company’s stock worth $22,132,000 after purchasing an additional 77,901 shares in the last quarter. Institutional investors own 73.92% of the company’s stock.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of PPG Industries stock in a transaction on Friday, August 18th. The stock was sold at an average price of $102.49, for a total value of $1,907,953.84. Following the transaction, the insider now directly owns 15,545 shares in the company, valued at approximately $1,593,207.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of PPG Industries stock in a transaction 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 transaction, the vice president now owns 52,748 shares in the company, valued at $5,316,998.40. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
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PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.83. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.73 EPS.
A number of research firms have commented on PPG. Deutsche Bank AG boosted their target price on PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, July 21st. BidaskClub downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Robert W. Baird reiterated a “buy” rating and set a $115.00 target price on shares of PPG Industries in a research report on Friday, September 1st. Argus upgraded PPG Industries from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.61 to $136.00 in a research report on Wednesday, July 5th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $109.00 target price on shares of PPG Industries in a research report on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. PPG Industries currently has an average rating of “Hold” and a consensus price target of $115.67.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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