Investors Purchase Large Volume of Put Options on PPG Industries (PPG)
PPG Industries, Inc. (NYSE:PPG) was the target of unusually large options trading on Friday. Stock investors acquired 1,172 put options on the stock. This is an increase of approximately 615% compared to the average volume of 164 put options.
Several brokerages have recently weighed in on PPG. Citigroup raised their target price on PPG Industries from $114.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating in a research report on Monday, November 27th. Wells Fargo & Company reissued a “market perform” rating and set a $120.00 target price (up previously from $110.00) on shares of PPG Industries in a research report on Tuesday, November 28th. They noted that the move was a valuation call. Robert W. Baird raised their target price on PPG Industries from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Bank of America set a $120.00 target price on PPG Industries and gave the stock a “hold” rating in a research report on Friday, October 20th. Ten investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $119.40.
A number of large investors have recently added to or reduced their stakes in PPG. Harbour Capital Advisors LLC grew its stake in shares of PPG Industries by 10,896.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 10,996 shares of the specialty chemicals company’s stock valued at $100,000 after purchasing an additional 10,896 shares during the last quarter. Bruderman Asset Management LLC purchased a new position in shares of PPG Industries in the 2nd quarter valued at approximately $105,000. State of Alaska Department of Revenue purchased a new position in shares of PPG Industries in the 2nd quarter valued at approximately $113,000. First Interstate Bank grew its stake in shares of PPG Industries by 3.1% in the 2nd quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock valued at $127,000 after purchasing an additional 35 shares during the last quarter. Finally, Global X Management Co. LLC grew its stake in shares of PPG Industries by 9.2% in the 2nd quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock valued at $142,000 after purchasing an additional 108 shares during the last quarter. Hedge funds and other institutional investors own 75.09% of the company’s stock.
PPG Industries (NYSE:PPG) last released its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.52. The firm had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.56 EPS. analysts expect that PPG Industries will post 5.9 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.80 dividend on an annualized basis and a yield of 1.55%. PPG Industries’s dividend payout ratio is presently 26.12%.
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PPG Industries Company Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. 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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