Haverford Trust Co. lowered its position in shares of PPG Industries, Inc. (NYSE:PPG) by 14.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,276 shares of the specialty chemicals company’s stock after selling 400 shares during the period. Haverford Trust Co.’s holdings in PPG Industries were worth $270,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. National Pension Service grew its stake in PPG Industries by 14.2% during the second quarter. National Pension Service now owns 343,543 shares of the specialty chemicals company’s stock valued at $40,095,000 after acquiring an additional 42,696 shares in the last quarter. Comerica Bank grew its stake in PPG Industries by 1.3% during the second quarter. Comerica Bank now owns 106,722 shares of the specialty chemicals company’s stock valued at $12,445,000 after acquiring an additional 1,350 shares in the last quarter. BB&T Corp grew its stake in PPG Industries by 4.5% during the second quarter. BB&T Corp now owns 36,179 shares of the specialty chemicals company’s stock valued at $4,223,000 after acquiring an additional 1,571 shares in the last quarter. Trexquant Investment LP purchased a new position in PPG Industries during the second quarter valued at approximately $2,101,000. Finally, Brinker Capital Inc. grew its stake in PPG Industries by 7.9% during the third quarter. Brinker Capital Inc. now owns 22,729 shares of the specialty chemicals company’s stock valued at $2,694,000 after acquiring an additional 1,657 shares in the last quarter. 77.25% of the stock is owned by institutional investors.
Several equities analysts recently commented on PPG shares. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating and set a $124.00 price objective for the company. in a research note on Wednesday, October 16th. BMO Capital Markets boosted their price target on shares of PPG Industries from $113.00 to $129.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Berenberg Bank assumed coverage on shares of PPG Industries in a research note on Wednesday. They issued a “buy” rating and a $150.00 price target for the company. ValuEngine cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada set a $132.00 price target on shares of PPG Industries and gave the stock a “buy” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $128.44.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, October 17th. The specialty chemicals company reported $1.67 EPS for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.06. The business had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.89 billion. PPG Industries had a net margin of 8.00% and a return on equity of 28.36%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.45 EPS. On average, equities analysts predict that PPG Industries, Inc. will post 6.25 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders 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 dividend yield of 1.58%. PPG Industries’s payout ratio is 34.46%.
In other news, CEO Michael H. Mcgarry sold 30,450 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly 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 available at this hyperlink. Also, CEO Michael H. Mcgarry sold 11,916 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was 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 of the company’s stock, valued at $16,418,750. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,366 shares of company stock valued at $6,888,000. Company insiders own 0.37% of the company’s stock.
About PPG Industries
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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