PPG Industries, Inc. (NYSE:PPG) Shares Bought by IBM Retirement Fund
IBM Retirement Fund boosted its stake in PPG Industries, Inc. (NYSE:PPG) by 111.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,266 shares of the specialty chemicals company’s stock after buying an additional 3,309 shares during the period. IBM Retirement Fund’s holdings in PPG Industries were worth $771,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of PPG. Cable Hill Partners LLC raised its position in shares of PPG Industries by 8.5% in the first quarter. Cable Hill Partners LLC now owns 981 shares of the specialty chemicals company’s stock valued at $103,000 after buying an additional 77 shares during the last quarter. Baystate Wealth Management LLC raised its position in shares of PPG Industries by 4.0% in the first quarter. Baystate Wealth Management LLC now owns 1,040 shares of the specialty chemicals company’s stock valued at $109,000 after buying an additional 40 shares during the last quarter. V Wealth Management LLC bought a new position in PPG Industries during the second quarter worth about $112,000. State of Alaska Department of Revenue bought a new position in PPG Industries during the second quarter worth about $113,000. Finally, Coconut Grove Bank raised its position in PPG Industries by 103.6% in the first quarter. Coconut Grove Bank now owns 1,179 shares of the specialty chemicals company’s stock worth $124,000 after buying an additional 600 shares in the last quarter. 71.81% of the stock is currently owned by institutional investors.
Shares of PPG Industries, Inc. (NYSE PPG) traded down 0.59% on Friday, hitting $100.73. The company had a trading volume of 1,536,922 shares. PPG Industries, Inc. has a 12 month low of $89.64 and a 12 month high of $113.67. The stock has a market cap of $25.84 billion, a PE ratio of 26.50 and a beta of 1.54. The company has a 50-day moving average of $108.24 and a 200 day moving average of $106.17.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 20th. The specialty chemicals company reported $1.83 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.83. The firm had revenue of $3.81 billion during 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% compared to the same quarter last year. During the same period last year, the firm posted $1.73 earnings per share. Analysts anticipate 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 issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.79%. This is a boost from PPG Industries’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 8th. PPG Industries’s dividend payout ratio (DPR) is presently 46.88%.
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A number of research firms recently issued reports on PPG. SunTrust Banks, Inc. lowered PPG Industries from a “buy” rating to a “hold” rating and lowered their price target for the stock from $120.00 to $113.00 in a report on Monday, July 24th. Citigroup Inc. reissued a “market perform” rating on shares of PPG Industries in a report on Friday, April 14th. Barclays PLC raised their price target on PPG Industries from $110.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, April 24th. Argus raised PPG Industries from a “hold” rating to a “buy” rating and lifted their price objective for the company from $110.61 to $136.00 in a report on Wednesday, July 5th. Finally, Credit Suisse Group set a $113.00 price objective on PPG Industries and gave the company a “buy” rating in a report on Sunday, July 23rd. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $114.50.
PPG Industries Company Profile
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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