Duality Advisers LP reduced its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 57.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,240 shares of the specialty chemicals company’s stock after selling 16,470 shares during the quarter. Duality Advisers LP’s holdings in PPG Industries were worth $1,382,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Paragon Capital Management LLC acquired a new position in shares of PPG Industries during the first quarter worth $29,000. Capital Financial Planning LLC acquired a new position in shares of PPG Industries during the fourth quarter worth $31,000. Zions Bancorporation N.A. acquired a new position in shares of PPG Industries during the first quarter worth $34,000. Berman Capital Advisors LLC increased its position in shares of PPG Industries by 49.5% during the first quarter. Berman Capital Advisors LLC now owns 323 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 107 shares in the last quarter. Finally, CX Institutional increased its position in shares of PPG Industries by 797.4% during the first quarter. CX Institutional now owns 341 shares of the specialty chemicals company’s stock worth $38,000 after purchasing an additional 303 shares in the last quarter. 78.45% of the stock is currently owned by institutional investors.
In related news, VP William E. Schaupp sold 2,500 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $106.88, for a total value of $267,200.00. Following the completion of the sale, the vice president now directly owns 4,389 shares of the company’s stock, valued at $469,096.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Victoria F. Haynes sold 674 shares of PPG Industries stock in a transaction on Friday, May 24th. The shares were 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. 0.37% of the stock is currently owned by insiders.
PPG Industries (NYSE:PPG) last released its quarterly earnings data on Thursday, April 18th. The specialty chemicals company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.17. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.69 billion. PPG Industries had a net margin of 8.67% and a return on equity of 28.72%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.39 EPS. On average, research analysts expect that PPG Industries, Inc. will post 6.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 10th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.92 annualized dividend and a dividend yield of 1.62%. PPG Industries’s dividend payout ratio (DPR) is currently 32.43%.
Several equities analysts recently issued reports on the company. Deutsche Bank upped their target price on PPG Industries from $120.00 to $134.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. They noted that the move was a valuation call. Buckingham Research increased their target price on shares of PPG Industries from $108.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Zacks Investment Research raised shares of PPG Industries from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research note on Wednesday, April 24th. Barclays raised their price target on shares of PPG Industries from $115.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. Finally, BMO Capital Markets raised their price target on shares of PPG Industries from $112.00 to $113.00 and gave the company a “market perform” rating in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $117.89.
About PPG Industries
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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