Insider Selling: PPG Industries CEO Sells 140,000 Shares of Stock (PPG)
PPG Industries (NYSE:PPG) CEO Charles Bunch unloaded 140,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $177.13, for a total transaction of $24,798,200.00. Following the completion of the transaction, the chief executive officer now directly owns 336,893 shares of the company’s stock, valued at approximately $59,673,857. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of PPG Industries (NYSE:PPG) traded down 0.74% on Wednesday, hitting $178.79. The stock had a trading volume of 527,911 shares. PPG Industries has a one year low of $107.43 and a one year high of $165.64. The stock’s 50-day moving average is $160.3 and its 200-day moving average is $150.3. The company has a market cap of $25.550 billion and a price-to-earnings ratio of 8.38.
PPG Industries (NYSE:PPG) last posted its quarterly earnings results on Thursday, October 17th. The company reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.11. The company had revenue of $4.00 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the company posted $2.24 earnings per share. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. On average, analysts predict that PPG Industries will post $8.20 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, December 12th. Shareholders of record on Monday, November 11th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Wednesday, November 6th.
PPG has been the subject of a number of recent research reports. Analysts at Susquehanna raised their price target on shares of PPG Industries from $185.00 to $205.00 in a research note to investors on Tuesday. They now have a “positive” rating on the stock. Separately, analysts at UBS AG raised their price target on shares of PPG Industries from $156.00 to $173.00 in a research note to investors on Friday, October 18th. They now have a “neutral” rating on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of PPG Industries from $175.00 to $200.00 in a research note to investors on Friday, October 18th. They now have an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $164.94.
PPG Industries, Inc (NYSE:PPG) is a global supplier of protective and decorative coatings.
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