Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 16.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 63,626 shares of the specialty chemicals company’s stock after buying an additional 9,090 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in PPG Industries were worth $6,996,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. BlackRock Inc. increased its stake in PPG Industries by 2,006.8% in the first quarter. BlackRock Inc. now owns 14,595,371 shares of the specialty chemicals company’s stock valued at $1,533,684,000 after buying an additional 13,902,595 shares in the last quarter. Lazard Asset Management LLC boosted its position in PPG Industries by 639.5% in the first quarter. Lazard Asset Management LLC now owns 4,213,143 shares of the specialty chemicals company’s stock valued at $442,716,000 after buying an additional 3,643,443 shares during the last quarter. Nordea Investment Management AB boosted its position in PPG Industries by 15,312.6% in the first quarter. Nordea Investment Management AB now owns 1,807,282 shares of the specialty chemicals company’s stock valued at $189,909,000 after buying an additional 1,795,556 shares during the last quarter. OppenheimerFunds Inc. boosted its position in PPG Industries by 113.5% in the first quarter. OppenheimerFunds Inc. now owns 2,531,843 shares of the specialty chemicals company’s stock valued at $266,046,000 after buying an additional 1,346,064 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in PPG Industries by 51.3% in the first quarter. Wells Fargo & Company MN now owns 2,420,642 shares of the specialty chemicals company’s stock valued at $254,360,000 after buying an additional 820,978 shares during the last quarter. Hedge funds and other institutional investors own 71.54% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE PPG) opened at 103.72 on Friday. The company has a 50 day moving average price of $106.28 and a 200-day moving average price of $106.32. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67. The firm has a market capitalization of $26.60 billion, a PE ratio of 27.29 and a beta of 1.54.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.83. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.92 billion. PPG Industries had a net margin of 6.79% and a return on equity of 29.47%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Equities research analysts expect that PPG Industries, Inc. will post $6.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Thursday, August 10th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 1.74%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. PPG Industries’s payout ratio is presently 46.88%.
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Several research analysts recently commented on PPG shares. Argus raised PPG Industries from a “hold” rating to a “buy” rating and boosted their target price for the stock from $110.61 to $136.00 in a research note on Wednesday, July 5th. Deutsche Bank AG boosted their target price on PPG Industries from $110.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. TheStreet raised PPG Industries from a “c+” rating to a “b+” rating in a research note on Monday, May 22nd. Credit Suisse Group reissued an “outperform” rating and set a $114.00 target price (up from $109.00) on shares of PPG Industries in a research note on Monday, July 17th. They noted that the move was a valuation call. Finally, Jefferies Group LLC reissued a “buy” rating and set a $120.00 target price on shares of PPG Industries in a research note on Friday, May 26th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $115.20.
In related news, insider Viktoras R. Sekmakas sold 18,616 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $102.49, for a total value of $1,907,953.84. Following the sale, the insider now owns 15,545 shares of the company’s stock, valued at $1,593,207.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Glenn E. Bost II sold 19,812 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $100.80, for a total transaction of $1,997,049.60. Following the completion of the sale, the vice president now directly owns 52,748 shares in the company, valued at approximately $5,316,998.40. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
About PPG Industries
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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