Baird Financial Group Inc. lifted its holdings in PPG Industries, Inc. (NYSE:PPG) by 17.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,516 shares of the specialty chemicals company’s stock after acquiring an additional 4,992 shares during the period. Baird Financial Group Inc.’s holdings in PPG Industries were worth $3,477,000 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 PPG Industries by 0.6% during the first quarter. BlackRock Inc. now owns 15,027,286 shares of the specialty chemicals company’s stock worth $1,677,045,000 after buying an additional 83,572 shares in the last quarter. Parnassus Investments CA grew its stake in PPG Industries by 68.1% during the second quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after buying an additional 1,724,631 shares in the last quarter. Aristotle Capital Management LLC grew its stake in PPG Industries by 6.5% during the first quarter. Aristotle Capital Management LLC now owns 3,401,374 shares of the specialty chemicals company’s stock worth $379,593,000 after buying an additional 208,087 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in PPG Industries by 1.4% during the second quarter. Wells Fargo & Company MN now owns 3,379,358 shares of the specialty chemicals company’s stock worth $350,542,000 after buying an additional 46,243 shares in the last quarter. Institutional investors and hedge funds own 77.92% of the company’s stock.
A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective on the stock. in a research note on Friday, July 27th. They noted that the move was a valuation call. Goldman Sachs Group upgraded shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price objective on the stock in a research note on Wednesday, July 25th. KeyCorp reduced their price objective on shares of PPG Industries from $130.00 to $128.00 and set a “$104.41” rating on the stock in a research note on Monday, July 23rd. SunTrust Banks reiterated a “hold” rating and set a $110.00 price objective on shares of PPG Industries in a research note on Friday, July 20th. Finally, Credit Suisse Group reduced their price objective 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. Thirteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $122.29.
PPG stock opened at $112.95 on Friday. The stock has a market capitalization of $27.25 billion, a PE ratio of 19.24, a P/E/G ratio of 2.17 and a beta of 1.52. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22. PPG Industries, Inc. has a 12 month low of $100.36 and a 12 month high of $122.07.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.02. The firm 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%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.83 earnings per share. analysts anticipate that PPG Industries, Inc. will post 6.2 EPS for the current 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 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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