Montag A & Associates Inc. grew its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 3.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 18,052 shares of the specialty chemicals company’s stock after buying an additional 541 shares during the quarter. Montag A & Associates Inc.’s holdings in PPG Industries were worth $2,139,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in PPG. FMR LLC boosted its position in PPG Industries by 27.8% during the 1st quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock worth $19,158,000 after purchasing an additional 36,888 shares during the period. WINTON GROUP Ltd purchased a new stake in PPG Industries during the 2nd quarter worth $2,450,000. Retirement Systems of Alabama boosted its position in PPG Industries by 155.0% during the 2nd quarter. Retirement Systems of Alabama now owns 280,106 shares of the specialty chemicals company’s stock worth $32,691,000 after purchasing an additional 170,261 shares during the period. First National Bank of Omaha purchased a new stake in PPG Industries during the 2nd quarter worth $201,000. Finally, PFS Investments Inc. purchased a new stake in PPG Industries during the 2nd quarter worth $532,000. 77.25% of the stock is owned by institutional investors.
PPG has been the subject of a number of research reports. Bank of America cut shares of PPG Industries from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $135.00 to $103.00 in a research report on Friday, August 16th. SunTrust Banks reaffirmed a “hold” rating and set a $123.00 price target on shares of PPG Industries in a research report on Friday, July 19th. They noted that the move was a valuation call. Morgan Stanley reaffirmed an “equal weight” rating and set a $130.00 price target on shares of PPG Industries in a research report on Friday, November 1st. Citigroup decreased their price target on shares of PPG Industries from $136.00 to $133.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Finally, Berenberg Bank initiated coverage on shares of PPG Industries in a research report on Wednesday. They set a “buy” rating and a $150.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $128.44.
PPG stock traded down $0.40 during trading on Friday, reaching $128.92. The stock had a trading volume of 855,834 shares, compared to its average volume of 1,241,582. PPG Industries, Inc. has a 1-year low of $94.41 and a 1-year high of $130.42. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $30.68 billion, a P/E ratio of 21.78, a PEG ratio of 2.21 and a beta of 1.24. The firm has a fifty day moving average price of $121.01 and a 200 day moving average price of $115.87.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, October 17th. The specialty chemicals company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.06. PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The firm had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same quarter in the previous year, the business posted $1.45 EPS. The firm’s revenue was up .2% compared to the same quarter last year. Sell-side analysts predict that PPG Industries, Inc. will post 6.25 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 12th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.04 dividend on an annualized basis and a yield of 1.58%. PPG Industries’s dividend payout ratio is currently 34.46%.
In other news, CEO Michael H. Mcgarry sold 30,450 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $130.00, for a total value of $3,958,500.00. Following the sale, the chief executive officer now owns 149,884 shares in the company, valued at approximately $19,484,920. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael H. Mcgarry sold 11,916 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $125.00, for a total transaction of $1,489,500.00. Following the completion of the sale, the chief executive officer now owns 131,350 shares in the company, valued at approximately $16,418,750. The disclosure for this sale can be found here. Insiders sold a total of 54,366 shares of company stock worth $6,888,000 in the last quarter. 0.37% of the stock is currently owned by company insiders.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States and internationally. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; coatings, sealants, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor; protective and marine coatings and finishes; architectural coatings; and purchased sundries to painting contractors and consumers, as well as chemical management services.
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