Vaughan David Investments LLC IL raised its stake in PPG Industries, Inc. (NYSE:PPG) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 213,612 shares of the specialty chemicals company’s stock after acquiring an additional 1,744 shares during the period. Vaughan David Investments LLC IL owned about 0.09% of PPG Industries worth $36,265,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in PPG. FMR LLC grew its position in PPG Industries by 27.8% in the first quarter. FMR LLC now owns 169,739 shares of the specialty chemicals company’s stock valued at $19,158,000 after acquiring an additional 36,888 shares during the period. Alliancebernstein L.P. grew its position in PPG Industries by 2.9% in the first quarter. Alliancebernstein L.P. now owns 342,392 shares of the specialty chemicals company’s stock valued at $51,448,000 after acquiring an additional 9,747 shares during the period. Bank of Nova Scotia grew its position in PPG Industries by 11.6% in the first quarter. Bank of Nova Scotia now owns 44,577 shares of the specialty chemicals company’s stock valued at $6,698,000 after acquiring an additional 4,616 shares during the period. Fifth Third Bancorp grew its position in PPG Industries by 3.8% in the first quarter. Fifth Third Bancorp now owns 44,515 shares of the specialty chemicals company’s stock valued at $6,689,000 after acquiring an additional 1,618 shares during the period. Finally, IndexIQ Advisors LLC grew its holdings in shares of PPG Industries by 14.5% during the first quarter. IndexIQ Advisors LLC now owns 3,782 shares of the specialty chemicals company’s stock worth $568,000 after purchasing an additional 478 shares during the last quarter. Hedge funds and other institutional investors own 78.88% of the company’s stock.
Several brokerages have recently commented on PPG. BMO Capital Markets decreased their target price on PPG Industries from $197.00 to $189.00 and set an “outperform” rating on the stock in a report on Wednesday, July 21st. Royal Bank of Canada decreased their target price on PPG Industries from $183.00 to $170.00 and set an “outperform” rating on the stock in a report on Wednesday, September 8th. Wells Fargo & Company decreased their target price on PPG Industries from $187.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, September 8th. Susquehanna Bancshares upgraded PPG Industries from a “neutral” rating to a “positive” rating and set a $163.36 target price on the stock in a report on Monday, July 26th. Finally, Barclays decreased their target price on PPG Industries from $188.00 to $180.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 21st. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $171.55.
PPG Industries (NYSE:PPG) last released its earnings results on Sunday, July 18th. The specialty chemicals company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.19 by ($0.25). The company had revenue of $4.36 billion during the quarter, compared to analyst estimates of $4.32 billion. PPG Industries had a net margin of 9.71% and a return on equity of 29.65%. The company’s quarterly revenue was up 44.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 EPS. Equities analysts forecast that PPG Industries, Inc. will post 7.19 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Tuesday, August 10th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, August 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.63%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.54. PPG Industries’s dividend payout ratio (DPR) is currently 41.40%.
PPG Industries Profile
PPG Industries, Inc engages in the manufacture and distribution of coatings, specialty materials, and glass products. It operates through Performance Coatings and Industrial Coatings segments. The Performance Coatings segment comprises of the refinish, aerospace, protective and marine, and architectural coatings businesses.
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