Parametrica Management Ltd acquired a new position in PPG Industries, Inc. (NYSE:PPG) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,353 shares of the specialty chemicals company’s stock, valued at approximately $369,000.
A number of other hedge funds also recently modified their holdings of PPG. Quadrature Capital Ltd boosted its stake in shares of PPG Industries by 32.4% in the fourth quarter. Quadrature Capital Ltd now owns 14,599 shares of the specialty chemicals company’s stock worth $1,384,000 after buying an additional 3,573 shares during the period. Teachers Advisors LLC boosted its stake in shares of PPG Industries by 4.4% in the fourth quarter. Teachers Advisors LLC now owns 303,415 shares of the specialty chemicals company’s stock worth $28,752,000 after buying an additional 12,869 shares during the period. Kentucky Retirement Systems bought a new stake in shares of PPG Industries during the fourth quarter worth about $1,815,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of PPG Industries during the fourth quarter worth $810,000. Finally, Liberty Capital Management Inc. raised its position in shares of PPG Industries by 20.9% in the first quarter. Liberty Capital Management Inc. now owns 3,471 shares of the specialty chemicals company’s stock worth $365,000 after buying an additional 601 shares in the last quarter. 71.54% of the stock is currently owned by institutional investors and hedge funds.
Shares of PPG Industries, Inc. (PPG) opened at 103.74 on Thursday. The stock has a market capitalization of $26.61 billion, a PE ratio of 27.29 and a beta of 1.54. PPG Industries, Inc. has a one year low of $89.64 and a one year high of $113.67. The company’s 50-day moving average price is $107.59 and its 200 day moving average price is $106.23.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83. PPG Industries had a return on equity of 29.47% and a net margin of 6.79%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the firm earned $1.73 EPS. The firm’s revenue was up .6% on a year-over-year basis. Analysts anticipate that PPG Industries, Inc. will post $6.11 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.74%. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 8th. PPG Industries’s dividend payout ratio is presently 46.88%.
PPG has been the topic of a number of research analyst reports. Deutsche Bank AG restated a “hold” rating and issued a $110.00 target price (up from $102.00) on shares of PPG Industries in a research note on Sunday, April 23rd. Jefferies Group LLC restated a “buy” rating and issued a $120.00 target price on shares of PPG Industries in a research note on Thursday, July 6th. Bank of America Corporation lowered PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research note on Monday, July 24th. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, BidaskClub upgraded PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $114.50.
In related news, VP Glenn E. Bost II sold 19,812 shares of the company’s 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 transaction, the vice president now directly owns 52,748 shares of the company’s stock, valued at approximately $5,316,998.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.72% of the stock is owned by corporate insiders.
About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. 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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