Intellectus Partners LLC increased its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,772 shares of the specialty chemicals company’s stock after purchasing an additional 473 shares during the quarter. Intellectus Partners LLC’s holdings in PPG Industries were worth $684,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its position in PPG Industries by 10.3% during the 3rd quarter. Pacer Advisors Inc. now owns 25,021 shares of the specialty chemicals company’s stock worth $2,965,000 after purchasing an additional 2,340 shares in the last quarter. Gofen & Glossberg LLC IL increased its position in PPG Industries by 180.2% during the 3rd quarter. Gofen & Glossberg LLC IL now owns 8,497 shares of the specialty chemicals company’s stock worth $1,007,000 after purchasing an additional 5,465 shares in the last quarter. Cerebellum GP LLC increased its position in PPG Industries by 50.3% during the 3rd quarter. Cerebellum GP LLC now owns 3,759 shares of the specialty chemicals company’s stock worth $445,000 after purchasing an additional 1,258 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its position in PPG Industries by 10.7% during the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 4,718 shares of the specialty chemicals company’s stock worth $559,000 after purchasing an additional 457 shares in the last quarter. Finally, North Star Investment Management Corp. acquired a new position in PPG Industries during the 3rd quarter worth approximately $235,000. Institutional investors and hedge funds own 77.30% of the company’s stock.
A number of equities research analysts have weighed in on PPG shares. Barclays boosted their target price on shares of PPG Industries from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating and set a $125.00 target price on the stock in a report on Thursday, July 4th. Buckingham Research boosted their target price on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Credit Suisse Group set a $115.00 target price on shares of PPG Industries and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada boosted their target price on shares of PPG Industries from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. PPG Industries has an average rating of “Hold” and a consensus target price of $122.93.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.83 by $0.02. PPG Industries had a net margin of 8.07% and a return on equity of 27.89%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter in the previous year, the company earned $1.90 EPS. PPG Industries’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, equities research analysts predict that PPG Industries, Inc. will post 6.27 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were issued a dividend of $0.51 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, August 9th. This represents a $2.04 annualized dividend and a yield of 1.71%. PPG Industries’s dividend payout ratio is presently 34.46%.
In other PPG Industries news, VP Vadlamannati Ramaprasad sold 13,904 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $117.12, for a total transaction of $1,628,436.48. Following the transaction, the vice president now owns 29,617 shares in the company, valued at $3,468,743.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael H. Mcgarry sold 12,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $120.00, for a total transaction of $1,440,000.00. Following the transaction, the chief executive officer now owns 131,434 shares in the company, valued at approximately $15,772,080. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.
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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