Summit Global Investments Acquires New Holdings in PPG Industries, Inc. (NYSE:PPG)

Posted by Defense World Staff on Oct 2nd, 2023

Summit Global Investments acquired a new position in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,675 shares of the specialty chemicals company’s stock, valued at approximately $248,000.

Several other large investors also recently modified their holdings of the stock. Vontobel Holding Ltd. increased its holdings in PPG Industries by 51.9% in the 1st quarter. Vontobel Holding Ltd. now owns 5,991 shares of the specialty chemicals company’s stock worth $797,000 after acquiring an additional 2,048 shares during the last quarter. Sei Investments Co. grew its stake in PPG Industries by 14.7% in the first quarter. Sei Investments Co. now owns 23,667 shares of the specialty chemicals company’s stock worth $3,099,000 after purchasing an additional 3,025 shares during the period. Prudential PLC purchased a new stake in shares of PPG Industries in the first quarter worth $619,000. Vanguard Group Inc. lifted its holdings in PPG Industries by 1.3% in the first quarter. Vanguard Group Inc. now owns 20,180,199 shares of the specialty chemicals company’s stock valued at $2,645,019,000 after acquiring an additional 252,358 shares during the period. Finally, Candriam Luxembourg S.C.A. raised its stake in shares of PPG Industries by 7.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 19,480 shares of the specialty chemicals company’s stock worth $2,553,000 after buying an additional 1,283 shares during the period. Institutional investors and hedge funds own 79.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PPG. Royal Bank of Canada boosted their target price on PPG Industries from $145.00 to $158.00 and gave the company a “sector perform” rating in a research report on Monday, July 24th. Bank of America upped their price objective on PPG Industries from $163.00 to $170.00 in a research note on Monday, July 24th. Mizuho upped their target price on PPG Industries from $152.00 to $166.00 in a research report on Thursday, July 20th. Barclays increased their price objective on PPG Industries from $150.00 to $160.00 and gave the company an “equal weight” rating in a report on Monday, July 24th. Finally, Citigroup increased their price objective on PPG Industries from $161.00 to $174.00 and gave the company a “buy” rating in a report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries presently has a consensus rating of “Hold” and an average price target of $156.47.

Read Our Latest Report on PPG

PPG Industries Trading Down 0.6 %

PPG stock opened at $129.80 on Monday. PPG Industries, Inc. has a 52 week low of $107.40 and a 52 week high of $152.89. The company has a market cap of $30.57 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 1.04 and a beta of 1.19. The company has a quick ratio of 1.03, a current ratio of 1.49 and a debt-to-equity ratio of 0.78. The business has a fifty day simple moving average of $137.90 and a 200-day simple moving average of $138.87.

PPG Industries (NYSE:PPG – Get Free Report) last issued its earnings results on Friday, July 21st. The specialty chemicals company reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.11. PPG Industries had a net margin of 7.38% and a return on equity of 23.59%. The firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.84 billion. During the same quarter last year, the company posted $1.81 earnings per share. PPG Industries’s revenue was up 3.9% on a year-over-year basis. On average, equities research analysts expect that PPG Industries, Inc. will post 7.51 EPS for the current year.

PPG Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Thursday, August 10th were given a $0.65 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.62. The ex-dividend date was Wednesday, August 9th. This represents a $2.60 annualized dividend and a yield of 2.00%. PPG Industries’s payout ratio is 46.68%.

Insider Buying and Selling

In related news, Chairman Michael H. Mcgarry sold 58,378 shares of PPG Industries stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $145.46, for a total value of $8,491,663.88. Following the completion of the sale, the chairman now owns 195,706 shares of the company’s stock, valued at approximately $28,467,394.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Vincent J. Morales sold 3,700 shares of PPG Industries stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $143.33, for a total value of $530,321.00. Following the sale, the chief financial officer now directly owns 22,665 shares in the company, valued at $3,248,574.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael H. Mcgarry sold 58,378 shares of PPG Industries stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $145.46, for a total transaction of $8,491,663.88. Following the transaction, the chairman now directly owns 195,706 shares of the company’s stock, valued at $28,467,394.76. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

PPG Industries Company Profile

(Free Report)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials worldwide. The company operates through Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.