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Whalerock Point Partners LLC cut its stock position in PPG Industries, Inc. (NYSE: PPG – Get Rating) by 89.5% in the third quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The fund owned 609 shares of the specialty chemicals company after selling 5,191 of his shares during the quarter. Whalerock Point Partners LLC’s holding in PPG Industries was valued at $68795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Many other hedge funds and other institutional investors have also recently changed their stock positions. WA Asset Management LLC bought new shares of PPG Industries in the third quarter for about $204,000. Alliancebernstein LP boosted his position at PPG Industries by 2.9% in the third quarter. Alliancebernstein LP now owns 309,112 shares of the specialty chemical company valued at $34,216,000 after purchasing an additional 8,633 shares during the previous quarter. Boit CF David said in the third quarter he bought a new position in PPG Industries for about $1,425,000. The Public Employees Retirement System of Ohio boosted his position at PPG Industries by 2.0% in the third quarter. Public Employees Retirement System of Ohio owns 123,093 shares of specialty chemicals company valued at $13,625,000 after purchasing an additional 2,378 shares last quarter. Finally, Coastal Bridge Advisors LLC purchased his new PPG Industries position in the third quarter for approximately $203,000. 80.04% of the shares are owned by hedge funds and other institutional investors.
PPG Industries Trading Down 2.0%
PPG fell $2.58 in Friday trading to $124.82. 499,300 shares were hand traded, compared to an average turnover of 1,423,791. The company has a debt to equity ratio of 0.97, a current ratio of 1.52 and a quick ratio of 1.04. PPG Industries, Inc. hit a 12-month low of $107.06 and a 12-month high of $138.10. The company has a market cap of $29.36 billion, a P/E ratio of 29.42, a price/earnings ratio of 2.86, and a beta of 1.17. The company has a 50-day moving average of $129.79 and a 200-day moving average of $124.91.
PPG Industries (NYSE:PPG – Get Rating) reported final results on Friday, Jan. 20. The specialty chemicals company reported EPS of $1.22 for the quarter, beating consensus expectations of $1.14 by $0.08. The business had revenue of $4.19 billion in the quarter, compared to consensus expectations of $4.12 billion. PPG Industries had a return on equity of 22.55% and a net profit margin of 5.81%. The company’s revenue for the quarter was down 0.1% compared to the same quarter last year. His earnings per share for the company in the same period last year were $1.26. Equity research analysts expect PPG Industries, Inc. to post 6.49 EPS this year.
PPG Industries Announces Dividend
The company recently announced a quarterly dividend payable on Friday, March 10th. Dividends of $0.62 per share will be issued to shareholders of record on Friday, February 17. This represents his $2.48 dividend and his 1.99% yield on an annualized basis. The ex-dividend date for this dividend is Thursday, February 16. PPG Industries’ current dividend payout ratio is 57.27%.
Analyst sets new price target
Several research analysts have published reports on the company. Credit Suisse Group raised its price target for PPG Industries from his $104.00 to $118.00 in a research report on Friday, Jan. 20, rating the stock “underperforming.” StockNews.com upgraded PPG Industries’ rating from ‘hold’ to ‘buy’ in a report on Monday, January 23rd. Wells Fargo & Company raised its price target for PPG Industries from $115.00 to $124.00 in its Monday, January 23 report, giving the company an “equal weight” rating. Mizuho reissued a “buy” rating and issued his $142.00 price target on PPG Industries shares in his Tuesday, Feb. 7 research report. Finally, UBS Group raised its price target for PPG Industries from $144.00 to $150.00, giving the company a ‘buy’ rating in its research report on Wednesday, Jan. 11. One research he analyst gave the stock a sell rating, eight assigned a hold rating, and nine assigned a buy rating. Based on MarketBeat data, the stock currently has an average rating of ‘Hold’ and a consensus price target of $135.84.
Insider activity
In other PPG Industries news, Chairman Michael H. Mcgarry sold 61,867 shares of PPG Industries stock in a transaction on Tuesday, January 31st. The shares sold at an average price of $129.96, and the total transaction value he had was $8,040,235.32. Following the closing of the sale, the Chairman now owns 183,645 shares of the Company’s stock valued at approximately $23,866,504.20. The sale was disclosed in legal filings with the SEC that can be accessed via this hyperlink. In related news, Chairman Michael H. Mcgarry sold 61,867 shares of the company in a transaction that took place on Tuesday, January 31st. The shares were sold at an average price of $129.96, giving him a total of $8,040,235.32. After the transaction, the Chairman now directly owns 183,645 shares in the company, valued at $23,866,504.20. The transaction is disclosed in legal documents to the Securities and Exchange Commission, available at this hyperlink. Also, VP Anne M. Foulkes sold her 21,757 shares in a transaction on Tuesday, Jan. 24. The shares sold for an average of $128.33, bringing the total to her $2,792,075.81. Following the closing of the transaction, Vice President now owns 10,577 direct shares in the company, valued at approximately $1,357,346.41. Please see here for the disclosure of this sale. A corporate insider owns his 0.50% of the company’s shares.
About PPG Industries
(get rating)
PPG Industries, Inc is engaged in the manufacture and sale of paints, coatings and specialty materials. It operates through performance coatings and industrial coatings segments. The Performance Coatings segment consists of the Refinish, Aerospace, Protective and Marine, and Architectural Coatings businesses.
References
Want to know which other hedge funds hold PPG? Visit HoldingsChannel.com to get the latest PPG Industries, Inc. (NYSE:PPG – Get Rating) 13F filings and insider trading.
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