Ensign Peak Advisors Inc reduced its stake in PPG Industries, Inc. (NYSE:PPG – Get Rating) by 17.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,504 shares of the specialty chemicals company’s stock after selling 1,355 shares during the period. Ensign Peak Advisors Inc’s holdings in PPG Industries were worth $720,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Guardian Wealth Advisors LLC bought a new stake in shares of PPG Industries in the 3rd quarter valued at approximately $27,000. New England Asset Management Inc. acquired a new position in shares of PPG Industries in the 2nd quarter worth approximately $33,000. Parkside Financial Bank & Trust boosted its holdings in shares of PPG Industries by 45.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock worth $36,000 after acquiring an additional 87 shares in the last quarter. Achmea Investment Management B.V. acquired a new position in shares of PPG Industries in the 1st quarter worth approximately $40,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of PPG Industries by 27.4% in the 3rd quarter. Pacer Advisors Inc. now owns 479 shares of the specialty chemicals company’s stock worth $53,000 after acquiring an additional 103 shares in the last quarter. 80.04% of the stock is currently owned by institutional investors.
Insider Activity at PPG Industries
In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the company’s stock in a transaction on Tuesday, January 31st. The shares were sold at an average price of $129.96, for a total value of $8,040,235.32. Following the completion of the sale, the chairman now owns 183,645 shares in the company, valued at approximately $23,866,504.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In other PPG Industries news, Chairman Michael H. Mcgarry sold 61,867 shares of the stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $129.96, for a total transaction of $8,040,235.32. Following the completion of the transaction, the chairman now owns 183,645 shares in the company, valued at approximately $23,866,504.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Anne M. Foulkes sold 21,757 shares of the stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $128.33, for a total value of $2,792,075.81. Following the transaction, the vice president now owns 10,577 shares of the company’s stock, valued at approximately $1,357,346.41. The disclosure for this sale can be found here. 0.50% of the stock is owned by corporate insiders.
PPG Industries Price Performance
PPG Industries (NYSE:PPG – Get Rating) last released its quarterly earnings data on Friday, January 20th. The specialty chemicals company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.08. PPG Industries had a net margin of 5.81% and a return on equity of 22.55%. The business had revenue of $4.19 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the prior year, the company earned $1.26 EPS. The firm’s quarterly revenue was down .1% on a year-over-year basis. On average, research analysts expect that PPG Industries, Inc. will post 6.49 EPS for the current year.
PPG Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, February 16th. PPG Industries’s dividend payout ratio is currently 57.27%.
Analysts Set New Price Targets
Several research analysts have recently commented on PPG shares. Deutsche Bank Aktiengesellschaft boosted their target price on PPG Industries from $128.00 to $145.00 in a report on Monday, January 23rd. Royal Bank of Canada downgraded PPG Industries from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $128.00 to $129.00 in a report on Tuesday, January 10th. Credit Suisse Group upped their price objective on PPG Industries from $104.00 to $118.00 and gave the stock an “underperform” rating in a report on Friday, January 20th. Vertical Research downgraded PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, January 23rd. Finally, Wells Fargo & Company upped their price objective on PPG Industries from $115.00 to $124.00 and gave the stock an “equal weight” rating in a report on Monday, January 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $135.84.
PPG Industries Profile
PPG Industries, Inc engages in the manufacture and distribution of paints, coatings, and specialty materials. It operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, and architectural coatings businesses.
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