World Asset Management Inc increased its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 5.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,426 shares of the specialty chemicals company’s stock after purchasing an additional 890 shares during the quarter. World Asset Management Inc’s holdings in PPG Industries were worth $2,150,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Clearbridge Investments LLC raised its position in PPG Industries by 0.6% in the first quarter. Clearbridge Investments LLC now owns 5,527,445 shares of the specialty chemicals company’s stock worth $623,883,000 after acquiring an additional 32,513 shares in the last quarter. Geode Capital Management LLC increased its position in shares of PPG Industries by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,839,765 shares of the specialty chemicals company’s stock valued at $289,748,000 after buying an additional 153,809 shares in the last quarter. Deutsche Bank AG increased its position in shares of PPG Industries by 24.0% in the fourth quarter. Deutsche Bank AG now owns 1,341,354 shares of the specialty chemicals company’s stock valued at $137,116,000 after buying an additional 259,442 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PPG Industries by 13.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,119,556 shares of the specialty chemicals company’s stock valued at $114,450,000 after buying an additional 130,127 shares in the last quarter. Finally, Mawer Investment Management Ltd. increased its position in shares of PPG Industries by 1.7% in the first quarter. Mawer Investment Management Ltd. now owns 989,844 shares of the specialty chemicals company’s stock valued at $111,724,000 after buying an additional 16,494 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.
PPG Industries stock traded down $1.38 during midday trading on Wednesday, reaching $117.58. 24,486 shares of the company were exchanged, compared to its average volume of 1,183,256. The firm has a market capitalization of $27.87 billion, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 2.13 and a beta of 1.24. The company’s 50-day moving average is $116.99. PPG Industries, Inc. has a 1 year low of $94.37 and a 1 year high of $121.29. The company has a quick ratio of 1.01, a current ratio of 1.43 and a debt-to-equity ratio of 1.04.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 12th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, August 9th. This is a boost from PPG Industries’s previous quarterly dividend of $0.48. PPG Industries’s dividend payout ratio (DPR) is currently 32.43%.
In other PPG Industries news, Director Victoria F. Haynes sold 674 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $107.16, for a total value of $72,225.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Vadlamannati Ramaprasad sold 13,904 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $117.12, for a total value of $1,628,436.48. Following the completion of the sale, the vice president now directly owns 29,617 shares in the company, valued at $3,468,743.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,078 shares of company stock valued at $1,967,862. 0.37% of the stock is currently owned by company insiders.
A number of research analysts have recently weighed in on the company. Societe Generale assumed coverage on PPG Industries in a research report on Tuesday, July 9th. They issued a “buy” rating and a $138.00 price target for the company. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating and set a $125.00 price target for the company in a research report on Thursday, July 4th. Citigroup set a $133.00 price target on PPG Industries and gave the company a “buy” rating in a research report on Friday, July 19th. Deutsche Bank raised their price target 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. Finally, BMO Capital Markets raised their price target on PPG Industries from $112.00 to $113.00 and gave the company a “market perform” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. PPG Industries currently has an average rating of “Buy” and an average target price of $123.71.
PPG Industries Company Profile
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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