BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 26.9% in the 3rd quarter, Holdings Channel reports. The firm owned 76,887 shares of the specialty chemicals company’s stock after selling 28,283 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PPG Industries were worth $8,391,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Fort L.P. purchased a new stake in shares of PPG Industries during the 2nd quarter valued at $120,000. Investment Counselors of Maryland LLC purchased a new stake in shares of PPG Industries during the 3rd quarter valued at $158,000. Qube Research & Technologies Ltd purchased a new stake in shares of PPG Industries during the 2nd quarter valued at $167,000. CWM LLC lifted its holdings in shares of PPG Industries by 47.6% during the 3rd quarter. CWM LLC now owns 1,672 shares of the specialty chemicals company’s stock valued at $182,000 after purchasing an additional 539 shares during the last quarter. Finally, Bennicas & Associates Inc. purchased a new stake in shares of PPG Industries during the 3rd quarter valued at $205,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.
Several analysts have recently commented on the company. Credit Suisse Group set a $115.00 price objective on PPG Industries and gave the company a “hold” rating in a report on Wednesday. Longbow Research began coverage on PPG Industries in a report on Friday, November 30th. They set a “neutral” rating for the company. Citigroup raised PPG Industries from a “neutral” rating to a “buy” rating and set a $123.00 target price on the stock in a research report on Thursday, November 29th. Deutsche Bank upped their target price on PPG Industries from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, November 1st. Finally, Goldman Sachs Group raised PPG Industries from a “buy” rating to a “conviction-buy” rating in a research report on Monday, October 29th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $119.00.
NYSE PPG opened at $103.23 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.22 and a current ratio of 1.71. PPG Industries, Inc. has a 1 year low of $94.37 and a 1 year high of $122.07. The firm has a market capitalization of $25.60 billion, a P/E ratio of 17.59, a PEG ratio of 2.21 and a beta of 1.38.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.45. PPG Industries had a return on equity of 27.83% and a net margin of 8.34%. The firm had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same period in the prior year, the firm earned $1.52 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. On average, analysts expect that PPG Industries, Inc. will post 5.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Monday, November 12th will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, November 8th. PPG Industries’s payout ratio is 32.71%.
About PPG Industries
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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