AMP Capital Investors Ltd cut its holdings in PPG Industries, Inc. (NYSE:PPG) by 11.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,901 shares of the specialty chemicals company’s stock after selling 9,512 shares during the period. AMP Capital Investors Ltd’s holdings in PPG Industries were worth $7,457,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its stake in shares of PPG Industries by 15.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock valued at $2,293,772,000 after acquiring an additional 2,995,436 shares in the last quarter. BlackRock Inc. grew its stake in shares of PPG Industries by 0.6% in the first quarter. BlackRock Inc. now owns 15,027,286 shares of the specialty chemicals company’s stock valued at $1,677,045,000 after acquiring an additional 83,572 shares in the last quarter. Parnassus Investments CA grew its stake in shares of PPG Industries by 68.1% in the second quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock valued at $441,520,000 after acquiring an additional 1,724,631 shares in the last quarter. Aristotle Capital Management LLC grew its stake in shares of PPG Industries by 6.5% in the first quarter. Aristotle Capital Management LLC now owns 3,401,374 shares of the specialty chemicals company’s stock valued at $379,593,000 after acquiring an additional 208,087 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of PPG Industries by 1.4% in the second quarter. Wells Fargo & Company MN now owns 3,379,358 shares of the specialty chemicals company’s stock valued at $350,542,000 after acquiring an additional 46,243 shares in the last quarter. Institutional investors and hedge funds own 77.92% of the company’s stock.
PPG has been the topic of several research reports. Credit Suisse Group decreased their price target on shares of PPG Industries from $122.00 to $119.00 and set an “outperform” rating on the stock in a research note on Friday, July 20th. ValuEngine cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Friday, June 8th. Jefferies Financial Group reaffirmed a “hold” rating on shares of PPG Industries in a research report on Thursday, May 31st. Finally, JPMorgan Chase & Co. cut their price objective on shares of PPG Industries from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, June 1st. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. PPG Industries currently has a consensus rating of “Hold” and an average price target of $122.29.
PPG opened at $112.95 on Friday. PPG Industries, Inc. has a twelve month low of $100.36 and a twelve month high of $122.07. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22. The stock has a market cap of $27.25 billion, a P/E ratio of 19.24, a PEG ratio of 2.17 and a beta of 1.52.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.88 by $0.02. The business had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.12 billion. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. PPG Industries’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.83 earnings per share. analysts anticipate that PPG Industries, Inc. will post 6.2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Stockholders of record on Friday, August 10th were issued a $0.48 dividend. The ex-dividend date of this dividend was Thursday, August 9th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.70%. This is a boost from PPG Industries’s previous quarterly dividend of $0.45. PPG Industries’s dividend payout ratio is 32.71%.
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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