Janney Montgomery Scott LLC boosted its position in PPG Industries, Inc. (NYSE:PPG) by 2.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,257 shares of the specialty chemicals company’s stock after purchasing an additional 2,876 shares during the quarter. Janney Montgomery Scott LLC owned about 0.05% of PPG Industries worth $13,560,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PPG. Charles Schwab Investment Advisory Inc. bought a new stake in PPG Industries in the 2nd quarter valued at $327,975,000. Massachusetts Financial Services Co. MA boosted its stake in PPG Industries by 15.7% in the 2nd 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 purchasing an additional 2,995,436 shares during the period. Parnassus Investments CA boosted its stake in PPG Industries by 68.1% in the 2nd quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock valued at $441,520,000 after purchasing an additional 1,724,631 shares during the period. Mondrian Investment Partners LTD bought a new stake in PPG Industries in the 2nd quarter valued at $46,290,000. Finally, Bank of America Corp DE boosted its stake in PPG Industries by 15.2% in the 2nd quarter. Bank of America Corp DE now owns 3,051,444 shares of the specialty chemicals company’s stock valued at $316,527,000 after purchasing an additional 401,643 shares during the period. Institutional investors and hedge funds own 78.76% of the company’s stock.
NYSE:PPG opened at $107.71 on Friday. The firm has a market cap of $26.27 billion, a PE ratio of 18.47, a P/E/G ratio of 2.26 and a beta of 1.36. The company has a quick ratio of 1.22, a current ratio of 1.71 and a debt-to-equity ratio of 0.99. PPG Industries, Inc. has a fifty-two week low of $94.37 and a fifty-two week high of $122.07.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The firm had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.81 billion. PPG Industries had a return on equity of 27.83% and a net margin of 8.34%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.52 EPS. On average, research analysts expect that PPG Industries, Inc. will post 5.81 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Monday, November 12th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.78%. PPG Industries’s payout ratio is 32.71%.
Several research firms recently issued reports on PPG. Credit Suisse Group restated a “neutral” rating and issued a $119.00 price target on shares of PPG Industries in a research note on Monday, September 24th. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. JPMorgan Chase & Co. downgraded PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price target for the company. in a research note on Friday, July 27th. They noted that the move was a valuation call. Vertical Research downgraded PPG Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Deutsche Bank cut their target price on PPG Industries from $124.00 to $116.00 and set a “buy” rating for the company in a research report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $117.81.
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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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