M&T Bank Corp decreased its stake in PPG Industries, Inc. (NYSE:PPG) by 7.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,317 shares of the specialty chemicals company’s stock after selling 6,001 shares during the period. M&T Bank Corp’s holdings in PPG Industries were worth $7,564,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Clearbridge Investments LLC boosted its holdings in PPG Industries by 16.9% in the first quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock valued at $549,362,000 after acquiring an additional 947,678 shares during the last quarter. Wells Fargo & Company MN boosted its position in PPG Industries by 2.5% during the first quarter. Wells Fargo & Company MN now owns 3,406,797 shares of the specialty chemicals company’s stock valued at $284,809,000 after acquiring an additional 83,052 shares during the last quarter. Geode Capital Management LLC grew its holdings in PPG Industries by 1.1% during the 1st quarter. Geode Capital Management LLC now owns 3,238,894 shares of the specialty chemicals company’s stock worth $270,171,000 after acquiring an additional 35,485 shares during the period. Fiduciary Management Inc. WI raised its position in shares of PPG Industries by 5.5% in the 1st quarter. Fiduciary Management Inc. WI now owns 2,517,337 shares of the specialty chemicals company’s stock worth $210,449,000 after acquiring an additional 131,853 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of PPG Industries by 52.5% in the 1st quarter. Nuveen Asset Management LLC now owns 2,372,351 shares of the specialty chemicals company’s stock valued at $198,329,000 after purchasing an additional 816,465 shares during the period. Institutional investors own 76.83% of the company’s stock.
A number of equities research analysts have weighed in on the company. Barclays lifted their target price on PPG Industries from $106.00 to $120.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. Royal Bank of Canada lifted their price objective on shares of PPG Industries from $102.00 to $112.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Morgan Stanley increased their target price on shares of PPG Industries from $105.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Citigroup lifted their price target on shares of PPG Industries from $107.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Robert W. Baird increased their price objective on shares of PPG Industries from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $118.56.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.29. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.83 billion. PPG Industries had a return on equity of 23.88% and a net margin of 7.23%. During the same quarter in the prior year, the company posted $1.85 earnings per share. On average, equities analysts forecast that PPG Industries, Inc. will post 4.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be paid a $0.54 dividend. This is a positive change from PPG Industries’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. PPG Industries’s dividend payout ratio is presently 32.80%.
PPG Industries 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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