Toronto Dominion Bank lifted its stake in PPG Industries, Inc. (NYSE:PPG) by 23.4% in the second quarter, Holdings Channel.com reports. The firm owned 191,675 shares of the specialty chemicals company’s stock after buying an additional 36,382 shares during the period. Toronto Dominion Bank’s holdings in PPG Industries were worth $22,364,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in PPG. Geode Capital Management LLC lifted its stake in shares of PPG Industries by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 2,839,765 shares of the specialty chemicals company’s stock worth $289,748,000 after acquiring an additional 153,809 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of PPG Industries during the 1st quarter worth approximately $203,000. Janus Henderson Group PLC lifted its stake in shares of PPG Industries by 41.0% during the 1st quarter. Janus Henderson Group PLC now owns 84,787 shares of the specialty chemicals company’s stock worth $9,571,000 after acquiring an additional 24,662 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of PPG Industries by 125.9% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 60,515 shares of the specialty chemicals company’s stock worth $6,830,000 after acquiring an additional 33,730 shares during the last quarter. Finally, Moors & Cabot Inc. lifted its stake in shares of PPG Industries by 15.4% during the 1st quarter. Moors & Cabot Inc. now owns 7,792 shares of the specialty chemicals company’s stock worth $879,000 after acquiring an additional 1,039 shares during the last quarter. Hedge funds and other institutional investors own 77.33% of the company’s stock.
PPG has been the subject of a number of research analyst reports. Royal Bank of Canada raised their price target on PPG Industries from $125.00 to $130.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. ValuEngine lowered PPG Industries from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Buckingham Research raised their price target on PPG Industries from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 16th. Zacks Investment Research raised PPG Industries from a “sell” rating to a “hold” rating and set a $125.00 price target for the company in a research note on Thursday, July 4th. Finally, Societe Generale initiated coverage on PPG Industries in a research note on Tuesday, July 9th. They set a “buy” rating and a $138.00 price target for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. PPG Industries currently has a consensus rating of “Hold” and an average price target of $122.33.
NYSE PPG traded up $1.35 on Friday, reaching $119.56. 20,050 shares of the stock traded hands, compared to its average volume of 937,566. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.43. The company has a fifty day moving average price of $113.06 and a 200-day moving average price of $113.53. The company has a market cap of $28.25 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 2.04 and a beta of 1.23. PPG Industries, Inc. has a 12 month low of $94.37 and a 12 month high of $121.29.
PPG Industries (NYSE:PPG) last issued its earnings results on Thursday, July 18th. The specialty chemicals company reported $1.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.83 by $0.02. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $4.10 billion. PPG Industries had a return on equity of 27.89% and a net margin of 8.07%. PPG Industries’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.90 EPS. As a group, research analysts anticipate that PPG Industries, Inc. will post 6.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 12th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.48. This represents a $2.04 dividend on an annualized basis and a yield of 1.71%. PPG Industries’s payout ratio is 34.46%.
In other PPG Industries news, VP Vadlamannati Ramaprasad sold 13,904 shares of PPG Industries stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $117.12, for a total transaction of $1,628,436.48. Following the completion of the sale, the vice president now directly owns 29,617 shares of the company’s stock, valued at approximately $3,468,743.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.37% of the company’s stock.
PPG Industries Company 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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