PPG Industries, Inc. (PPG) VP Sells $1,997,049.60 in Stock
PPG Industries, Inc. (NYSE:PPG) VP Glenn E. Bost II sold 19,812 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the transaction, the vice president now directly owns 52,748 shares of the company’s stock, valued at $5,316,998.40. The sale was disclosed in a document filed with the SEC, which is available through this link.
Shares of PPG Industries, Inc. (NYSE PPG) traded up 1.82% during trading on Monday, hitting $102.56. 1,302,291 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $108.24 and its 200 day moving average is $106.17. PPG Industries, Inc. has a 1-year low of $89.64 and a 1-year high of $113.67. The firm has a market capitalization of $26.30 billion, a PE ratio of 26.98 and a beta of 1.54.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the business posted $1.73 EPS. PPG Industries’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that PPG Industries, Inc. will post $6.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be issued a dividend of $0.45 per share. This is an increase from PPG Industries’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Tuesday, August 8th. PPG Industries’s dividend payout ratio is currently 46.88%.
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A number of brokerages have recently weighed in on PPG. Deutsche Bank AG raised their price objective on shares of PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. BidaskClub cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Argus raised shares of PPG Industries from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Bank of America Corporation cut shares of PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 price objective for the company. in a research note on Monday, July 24th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $120.00 price objective on shares of PPG Industries in a research note on Friday, May 26th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. PPG Industries currently has an average rating of “Hold” and an average price target of $114.50.
Several hedge funds have recently bought and sold shares of the company. Harbour Capital Advisors LLC increased its stake in PPG Industries by 10,896.0% in the second quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after buying an additional 10,896 shares in the last quarter. Bruderman Asset Management LLC purchased a new stake in PPG Industries during the second quarter valued at about $105,000. Baystate Wealth Management LLC increased its stake in PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares in the last quarter. V Wealth Management LLC purchased a new stake in PPG Industries during the second quarter valued at about $112,000. Finally, State of Alaska Department of Revenue purchased a new stake in PPG Industries during the second quarter valued at about $113,000. 71.54% of the stock is owned by institutional investors and hedge funds.
PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has three segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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