VIRGINIA RETIREMENT SYSTEMS ET Al Acquires 5,600 Shares of PPG Industries, Inc. $PPG

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in PPG Industries, Inc. (NYSE:PPG) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,600 shares of the specialty chemicals company’s stock, valued at approximately $584,000.

Several other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in PPG Industries during the second quarter valued at $2,856,392,000. State Street Corp grew its position in PPG Industries by 8.8% during the 2nd quarter. State Street Corp now owns 13,871,116 shares of the specialty chemicals company’s stock worth $1,682,428,000 after purchasing an additional 1,124,109 shares during the period. Pzena Investment Management LLC purchased a new position in shares of PPG Industries during the 2nd quarter valued at about $946,964,000. Dimensional Fund Advisors LP raised its stake in shares of PPG Industries by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,925,343 shares of the specialty chemicals company’s stock valued at $312,613,000 after buying an additional 58,411 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of PPG Industries during the 2nd quarter valued at about $318,870,000. Hedge funds and other institutional investors own 81.86% of the company’s stock.

Insider Transactions at PPG Industries

In other PPG Industries news, VP Chancey Hagerty sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $127.14, for a total value of $317,850.00. Following the sale, the vice president directly owned 9,761 shares of the company’s stock, valued at approximately $1,241,013.54. This trade 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 this hyperlink. Corporate insiders own 0.33% of the company’s stock.

PPG Industries Price Performance

Shares of PPG Industries stock traded down $0.76 during trading hours on Friday, reaching $122.51. The stock had a trading volume of 1,458,098 shares, compared to its average volume of 2,043,655. The stock’s 50 day moving average is $109.79 and its 200 day moving average is $112.85. The firm has a market capitalization of $27.06 billion, a PE ratio of 17.50, a PEG ratio of 2.15 and a beta of 1.00. PPG Industries, Inc. has a twelve month low of $93.39 and a twelve month high of $133.43. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71.

PPG Industries (NYSE:PPG) last posted its earnings results on Tuesday, October 27th. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.13. PPG Industries had a net margin of 9.41% and a return on equity of 20.90%. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period in the prior year, the company posted $2.13 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts expect that PPG Industries, Inc. will post 7.98 earnings per share for the current fiscal year.

PPG Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Tuesday, November 10th will be given a dividend of $0.74 per share. The ex-dividend date is Tuesday, November 10th. This represents a $2.96 dividend on an annualized basis and a yield of 2.4%. PPG Industries’s dividend payout ratio is currently 42.29%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Bank of America upgraded PPG Industries from a “neutral” rating to a “buy” rating and upped their target price for the stock from $127.00 to $134.00 in a research note on Friday, July 17th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $128.00 target price on shares of PPG Industries in a report on Friday, October 9th. Sanford C. Bernstein reiterated an “outperform” rating and set a $137.00 price target on shares of PPG Industries in a research report on Thursday, October 29th. Royal Bank Of Canada boosted their price target on PPG Industries from $115.00 to $123.00 and gave the company a “sector perform” rating in a report on Thursday, October 29th. Finally, KeyCorp upped their price objective on PPG Industries from $128.00 to $131.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, PPG Industries currently has an average rating of “Moderate Buy” and a consensus price target of $128.29.

PPG Industries Company 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.