Great Lakes Advisors LLC cut its stake in PPG Industries, Inc. (NYSE:PPG – Free Report) by 0.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,187 shares of the specialty chemicals company’s stock after selling 156 shares during the period. Great Lakes Advisors LLC’s holdings in PPG Industries were worth $3,142,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PPG. Harbour Investments Inc. increased its holdings in PPG Industries by 84.9% in the 1st quarter. Harbour Investments Inc. now owns 220 shares of the specialty chemicals company’s stock valued at $29,000 after buying an additional 101 shares during the period. Clear Street Markets LLC acquired a new position in PPG Industries during the fourth quarter valued at approximately $30,000. Fiduciary Alliance LLC bought a new stake in PPG Industries during the second quarter worth $32,000. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its holdings in shares of PPG Industries by 160.0% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 260 shares of the specialty chemicals company’s stock valued at $35,000 after purchasing an additional 160 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of PPG Industries by 45.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 277 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. 79.18% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts recently weighed in on the company. BMO Capital Markets raised their price objective on PPG Industries from $158.00 to $165.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. StockNews.com assumed coverage on shares of PPG Industries in a report on Thursday, October 5th. They set a “buy” rating on the stock. Barclays raised shares of PPG Industries from an “equal weight” rating to an “overweight” rating and set a $160.00 price objective for the company in a research note on Wednesday, October 11th. Citigroup decreased their target price on shares of PPG Industries from $154.00 to $152.00 and set a “buy” rating on the stock in a research note on Friday, October 20th. Finally, KeyCorp dropped their price target on PPG Industries from $172.00 to $166.00 and set an “overweight” rating for the company in a research note on Friday, October 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, PPG Industries currently has a consensus rating of “Moderate Buy” and an average target price of $155.44.
PPG Industries Stock Down 0.2 %
Shares of NYSE PPG opened at $135.56 on Tuesday. The company’s 50 day moving average price is $129.16 and its 200-day moving average price is $137.15. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.05 and a current ratio of 1.48. PPG Industries, Inc. has a 52-week low of $120.32 and a 52-week high of $152.89. The company has a market capitalization of $31.97 billion, a P/E ratio of 22.71, a price-to-earnings-growth ratio of 1.14 and a beta of 1.22.
PPG Industries (NYSE:PPG – Get Free Report) last released its earnings results on Thursday, October 19th. The specialty chemicals company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.13. PPG Industries had a net margin of 7.84% and a return on equity of 23.51%. The business had revenue of $4.64 billion for the quarter, compared to analyst estimates of $4.64 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. PPG Industries’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities analysts forecast that PPG Industries, Inc. will post 7.64 earnings per share for the current year.
PPG Industries Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 10th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.92%. The ex-dividend date is Thursday, November 9th. PPG Industries’s dividend payout ratio (DPR) is presently 43.55%.
About PPG Industries
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.
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