Time To Board The PPG Industries, Inc. (PPG) Ship, Post Earnings?

Hedge fund activity in PPG Industries, Inc. (NYSE:PPG)

At the end of the first quarter, a total of 46 of the hedge funds tracked by Insider Monkey were long in this stock, compared to 39 in the previous quarter. With hedge funds’ capital changing hands, there exists a select group of key hedge fund managers who were boosting their holdings considerably.

According to hedge fund experts at Insider Monkey, Ken Griffin‘s Citadel Investment Group had the biggest position in PPG Industries, Inc. (NYSE:PPG), worth close to $314.5 million, accounting for 0.4% of its total 13F portfolio. On Citadel Investment Group’s heels was OZ Management, led by Daniel S. Och, holding a $308.4 million position; 1% of its 13F portfolio was allocated to the stock. Other hedge funds that were bullish encompass Cliff Asness‘ AQR Capital Management, Zach Schreiber’s Point State Capital, and Bain Capital’s Brookside Capital.

As industrywide interest jumped, specific money managers were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, created the biggest position in PPG Industries, Inc. (NYSE:PPG). Renaissance Technologies had $92.2 million invested in the company at the end of the March quarter. Dmitry Balyasny’s Balyasny Asset Management also initiated a $36.2 million position during the same quarter. The other funds with brand new PPG positions were Matthew Tewksbury’s Stevens Capital Management, Wayne Cooperman’s Cobalt Capital Management, and Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners.

Taking into account an overall good earnings report and positive hedge fund sentiment, we recommend a buy for the stock today, post earnings dip.

Disclosure: None