NuWave Investment Management LLC Acquires 3,849 Shares of PPG Industries, Inc. (NYSE:PPG)
NuWave Investment Management LLC boosted its holdings in PPG Industries, Inc. (NYSE:PPG) by 10,402.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,886 shares of the specialty chemicals company’s stock after purchasing an additional 3,849 shares during the period. NuWave Investment Management LLC’s holdings in PPG Industries were worth $454,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in PPG. Norges Bank bought a new position in shares of PPG Industries in the 4th quarter valued at about $36,143,000. Deutsche Bank AG grew its position in shares of PPG Industries by 24.0% in 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 acquiring an additional 259,442 shares during the period. Retirement Systems of Alabama grew its position in shares of PPG Industries by 155.0% in the 2nd quarter. Retirement Systems of Alabama now owns 280,106 shares of the specialty chemicals company’s stock valued at $32,691,000 after acquiring an additional 170,261 shares during the period. Geode Capital Management LLC grew its position in shares of PPG Industries by 5.7% in 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 acquiring an additional 153,809 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of PPG Industries by 13.2% in 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 acquiring an additional 130,127 shares during the period. 78.46% of the stock is owned by institutional investors.
In other news, VP Vadlamannati Ramaprasad sold 13,904 shares of the company’s stock in a transaction 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 sale, the vice president now owns 29,617 shares in the company, valued at approximately $3,468,743.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Victoria F. Haynes sold 674 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $107.16, for a total transaction of $72,225.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,078 shares of company stock valued at $1,967,862. Company insiders own 0.37% of the company’s stock.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.02. PPG Industries had a net margin of 8.07% and a return on equity of 27.89%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the prior year, the business posted $1.90 EPS. The business’s revenue was down 2.6% compared to the same quarter last year. On average, research analysts predict that PPG Industries, Inc. will post 6.28 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 12th will be paid a $0.51 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, August 9th. This represents a $2.04 annualized dividend and a dividend yield of 1.73%. PPG Industries’s dividend payout ratio is presently 32.43%.
A number of research analysts have recently commented on PPG shares. SunTrust Banks set a $70.00 price objective on shares of Exponent and gave the company a “buy” rating in a research report on Friday, July 19th. BMO Capital Markets reissued a “hold” rating and issued a $45.00 price objective on shares of SAP in a research report on Wednesday, May 1st. Royal Bank of Canada decreased their price objective on shares of West Fraser Timber from C$77.00 to C$75.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Zacks Investment Research downgraded shares of GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th. Finally, Buckingham Research raised their target price on shares of United Continental from $111.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $123.71.
PPG Industries Company 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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