Ontario Teachers Pension Plan Board lifted its stake in PPG Industries, Inc. (NYSE:PPG) by 10.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,233 shares of the specialty chemicals company’s stock after buying an additional 1,025 shares during the period. Ontario Teachers Pension Plan Board’s holdings in PPG Industries were worth $939,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parnassus Investments CA grew its position in PPG Industries by 4.3% during the 4th quarter. Parnassus Investments CA now owns 4,382,491 shares of the specialty chemicals company’s stock worth $585,019,000 after acquiring an additional 179,975 shares during the last quarter. Geode Capital Management LLC grew its position in PPG Industries by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 3,203,409 shares of the specialty chemicals company’s stock worth $426,618,000 after acquiring an additional 84,692 shares during the last quarter. Bank of New York Mellon Corp grew its position in PPG Industries by 1.5% during the 4th quarter. Bank of New York Mellon Corp now owns 2,455,539 shares of the specialty chemicals company’s stock worth $327,791,000 after acquiring an additional 35,161 shares during the last quarter. Charles Schwab Investment Advisory Inc. grew its position in PPG Industries by 1.5% during the 4th quarter. Charles Schwab Investment Advisory Inc. now owns 2,300,149 shares of the specialty chemicals company’s stock worth $307,047,000 after acquiring an additional 33,683 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in PPG Industries by 26.5% during the 4th quarter. Nuveen Asset Management LLC now owns 1,555,886 shares of the specialty chemicals company’s stock worth $207,695,000 after acquiring an additional 325,691 shares during the last quarter. 77.64% of the stock is owned by institutional investors.
Several equities analysts recently issued reports on the company. SunTrust Banks reduced their price target on PPG Industries from $127.00 to $92.00 and set a “hold” rating on the stock in a research report on Tuesday, March 31st. Wells Fargo & Co reduced their price target on PPG Industries from $155.00 to $110.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Berenberg Bank lowered PPG Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, March 25th. Credit Suisse Group dropped their price objective on PPG Industries from $126.00 to $103.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Finally, Argus dropped their price objective on PPG Industries from $148.00 to $108.00 and set a “buy” rating for the company in a report on Friday, May 1st. Twelve equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $108.35.
PPG opened at $96.18 on Friday. The stock has a market cap of $22.43 billion, a PE ratio of 15.80, a PEG ratio of 3.89 and a beta of 1.24. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 1.11. The business has a 50 day moving average of $90.17 and a 200-day moving average of $112.16. PPG Industries, Inc. has a 52 week low of $69.77 and a 52 week high of $134.36.
PPG Industries (NYSE:PPG) last released its earnings results on Monday, April 27th. The specialty chemicals company reported $1.19 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.02. The company had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.42 billion. PPG Industries had a return on equity of 27.56% and a net margin of 7.88%. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.38 EPS. Equities analysts anticipate that PPG Industries, Inc. will post 4.33 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Monday, May 11th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Friday, May 8th. PPG Industries’s payout ratio is 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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