Gemmer Asset Management LLC Lowers Stock Position in PPG Industries, Inc. (NYSE:PPG)
Gemmer Asset Management LLC reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 73.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 270 shares of the specialty chemicals company’s stock after selling 732 shares during the period. Gemmer Asset Management LLC’s holdings in PPG Industries were worth $32,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Clearbridge Investments LLC lifted its position in shares of PPG Industries by 0.6% during the 1st quarter. Clearbridge Investments LLC now owns 5,527,445 shares of the specialty chemicals company’s stock valued at $623,883,000 after buying an additional 32,513 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of PPG Industries by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 2,839,765 shares of the specialty chemicals company’s stock valued at $289,748,000 after buying an additional 153,809 shares in the last quarter. Deutsche Bank AG lifted its position in shares of PPG Industries by 24.0% during the 4th quarter. Deutsche Bank AG now owns 1,341,354 shares of the specialty chemicals company’s stock valued at $137,116,000 after buying an additional 259,442 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of PPG Industries by 13.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,119,556 shares of the specialty chemicals company’s stock valued at $114,450,000 after buying an additional 130,127 shares in the last quarter. Finally, Mawer Investment Management Ltd. lifted its position in shares of PPG Industries by 1.7% during the 1st quarter. Mawer Investment Management Ltd. now owns 989,844 shares of the specialty chemicals company’s stock valued at $111,724,000 after buying an additional 16,494 shares in the last quarter. 78.54% of the stock is currently owned by hedge funds and other institutional investors.
PPG has been the topic of several recent analyst reports. BMO Capital Markets reissued a “hold” rating and set a $45.00 target price on shares of SAP in a research note on Wednesday, May 1st. Credit Suisse Group set a $203.00 target price on Union Pacific and gave the company a “buy” rating in a research note on Friday, July 19th. Royal Bank of Canada decreased their target price on West Fraser Timber from C$77.00 to C$75.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. SunTrust Banks set a $70.00 target price on Exponent and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Societe Generale initiated coverage on PPG Industries in a research note on Tuesday, July 9th. They set a “buy” rating and a $138.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $123.71.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.02. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $4.10 billion. PPG Industries had a return on equity of 27.89% and a net margin of 8.07%. The company’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 EPS. Sell-side analysts anticipate that PPG Industries, Inc. will post 6.28 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.04 annualized dividend and a dividend yield of 1.73%. This is an increase from PPG Industries’s previous quarterly dividend of $0.48. PPG Industries’s payout ratio is currently 32.43%.
In other news, Director Victoria F. Haynes sold 674 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $107.16, for a total transaction of $72,225.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Vadlamannati Ramaprasad sold 13,904 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $117.12, for a total value of $1,628,436.48. Following the transaction, the vice president now directly owns 29,617 shares in the company, valued at approximately $3,468,743.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,078 shares of company stock worth $1,967,862. Corporate 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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