VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,600 shares of the specialty chemicals company’s stock, valued at approximately $584,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Essential Partners LLC lifted its position in shares of PPG Industries by 59.3% during the first quarter. Essential Partners LLC now owns 301 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 112 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of PPG Industries by 6.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,012 shares of the specialty chemicals company’s stock worth $244,000 after buying an additional 114 shares during the last quarter. Ancora Advisors LLC grew its position in shares of PPG Industries by 36.5% in the 2nd quarter. Ancora Advisors LLC now owns 430 shares of the specialty chemicals company’s stock worth $52,000 after buying an additional 115 shares during the last quarter. Wealth Alliance LLC raised its stake in shares of PPG Industries by 2.8% during the 1st quarter. Wealth Alliance LLC now owns 5,125 shares of the specialty chemicals company’s stock worth $548,000 after acquiring an additional 139 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of PPG Industries by 1.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,692 shares of the specialty chemicals company’s stock worth $1,032,000 after acquiring an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 81.86% of the company’s stock.
PPG Industries Stock Performance
PPG Industries stock traded down $0.76 during mid-day trading on Friday, reaching $122.51. 1,458,098 shares of the company traded hands, compared to its average volume of 2,043,655. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.15. PPG Industries, Inc. has a fifty-two week low of $93.39 and a fifty-two week high of $133.43. The company has a market capitalization of $27.06 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 2.15 and a beta of 1.00. The firm’s fifty day moving average is $109.79 and its two-hundred day moving average is $112.85.
PPG Industries (NYSE:PPG – Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.13. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period in the previous year, the company earned $2.13 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts expect that PPG Industries, Inc. will post 7.98 earnings per share for the current fiscal year.
PPG Industries Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, November 10th. PPG Industries’s payout ratio is presently 42.29%.
Insiders Place Their Bets
In other news, VP Chancey Hagerty sold 2,500 shares of the stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total value of $317,850.00. Following the transaction, the vice president directly owned 9,761 shares of the company’s stock, valued at approximately $1,241,013.54. This represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.
Analysts Set New Price Targets
PPG has been the subject of a number of analyst reports. UBS Group increased their target price on shares of PPG Industries from $116.00 to $123.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. KeyCorp upped their price target on PPG Industries from $128.00 to $131.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Wall Street Zen lowered PPG Industries from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Citigroup increased their price objective on PPG Industries from $118.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $137.00 price objective on shares of PPG Industries in a research report on Thursday, October 29th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.29.
Get Our Latest Stock Analysis on PPG Industries
PPG Industries Profile
PPG Industries, Inc is a global manufacturer of paints, coatings and specialty materials. The company develops products designed to protect, decorate and improve the performance of surfaces and components used in transportation, construction, manufacturing and consumer products.
Its product portfolio includes automotive and commercial vehicle coatings, aerospace coatings, industrial and protective coatings, architectural paints, packaging coatings, and coatings used in marine and other specialty applications.
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