PPG Industries, Inc. (NYSE:PPG) Shares Sold by Huntington National Bank
Huntington National Bank lessened its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 6.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,944 shares of the specialty chemicals company’s stock after selling 2,738 shares during the quarter. Huntington National Bank’s holdings in PPG Industries were worth $5,012,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Clearbridge Investments LLC raised its position in shares of PPG Industries by 0.6% in the 1st quarter. Clearbridge Investments LLC now owns 5,527,445 shares of the specialty chemicals company’s stock worth $623,883,000 after buying an additional 32,513 shares during the period. Geode Capital Management LLC increased its position in shares of PPG Industries by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 2,839,765 shares of the specialty chemicals company’s stock worth $289,748,000 after acquiring an additional 153,809 shares during the last quarter. Deutsche Bank AG increased its position in shares of PPG Industries by 24.0% during the fourth quarter. Deutsche Bank AG now owns 1,341,354 shares of the specialty chemicals company’s stock worth $137,116,000 after acquiring an additional 259,442 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of PPG Industries by 13.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,119,556 shares of the specialty chemicals company’s stock worth $114,450,000 after acquiring an additional 130,127 shares during the last quarter. Finally, Mawer Investment Management Ltd. increased its position in shares of PPG Industries by 1.7% during the first quarter. Mawer Investment Management Ltd. now owns 989,844 shares of the specialty chemicals company’s stock worth $111,724,000 after acquiring an additional 16,494 shares during the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.
A number of research firms recently commented on PPG. KeyCorp set a $37.00 price target on SeaWorld Entertainment and gave the stock a “buy” rating in a research note on Friday, April 12th. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Deutsche Bank lifted their price target on Keysight Technologies from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Credit Suisse Group set a $203.00 price target on Union Pacific and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $45.00 price target on shares of SAP in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $123.71.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 EPS for the quarter, beating the Zacks’ consensus estimate of $1.83 by $0.02. PPG Industries had a return on equity of 27.89% and a net margin of 8.07%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the firm posted $1.90 earnings per share. PPG Industries’s quarterly revenue was down 2.6% compared to the same quarter last year. As a group, 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. Shareholders of record on Monday, August 12th will be paid a $0.51 dividend. This is an increase from PPG Industries’s previous quarterly dividend of $0.48. This represents a $2.04 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, August 9th. PPG Industries’s payout ratio is presently 32.43%.
In other PPG Industries news, VP William E. Schaupp sold 2,500 shares of PPG Industries stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $106.88, for a total value of $267,200.00. Following the completion of the transaction, the vice president now directly owns 4,389 shares in the company, valued at $469,096.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Vadlamannati Ramaprasad sold 13,904 shares of PPG Industries 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 completion of the transaction, the vice president now owns 29,617 shares of the company’s stock, valued at $3,468,743.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,078 shares of company stock valued at $1,967,862. 0.37% of the stock is currently owned by insiders.
PPG Industries 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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