BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 26.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 76,887 shares of the specialty chemicals company’s stock after selling 28,283 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PPG Industries were worth $8,391,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in PPG. Cornerstone Wealth Management LLC bought a new position in shares of PPG Industries during the second quarter valued at approximately $105,000. Fort L.P. purchased a new stake in shares of PPG Industries in the second quarter valued at approximately $120,000. Investment Counselors of Maryland LLC purchased a new stake in shares of PPG Industries in the third quarter valued at approximately $158,000. Qube Research & Technologies Ltd purchased a new stake in shares of PPG Industries in the second quarter valued at approximately $167,000. Finally, CWM LLC boosted its holdings in shares of PPG Industries by 47.6% in the third quarter. CWM LLC now owns 1,672 shares of the specialty chemicals company’s stock valued at $182,000 after purchasing an additional 539 shares during the period. 78.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE PPG opened at $103.23 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.71 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $25.60 billion, a P/E ratio of 17.59, a PEG ratio of 2.21 and a beta of 1.38. PPG Industries, Inc. has a 52-week low of $94.37 and a 52-week high of $122.07.
PPG Industries (NYSE:PPG) last posted its earnings results on Thursday, October 18th. The specialty chemicals company reported $1.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.45. The company had revenue of $3.82 billion during the quarter, compared to analyst estimates of $3.81 billion. PPG Industries had a return on equity of 27.83% and a net margin of 8.34%. PPG Industries’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 earnings per share. Analysts anticipate that PPG Industries, Inc. will post 5.81 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Monday, November 12th will be issued 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 yield of 1.86%. PPG Industries’s dividend payout ratio is currently 32.71%.
PPG has been the subject of a number of research reports. ValuEngine lowered PPG Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. BMO Capital Markets lowered their price target on PPG Industries from $116.00 to $107.00 and set a “hold” rating for the company in a report on Friday, October 19th. Goldman Sachs Group upgraded PPG Industries from a “buy” rating to a “conviction-buy” rating in a report on Monday, October 29th. Northcoast Research set a $114.00 price target on PPG Industries and gave the company a “buy” rating in a report on Tuesday, October 9th. Finally, KeyCorp lowered their price target on PPG Industries from $128.00 to $119.00 and set an “overweight” rating for the company in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. PPG Industries currently has an average rating of “Hold” and a consensus target price of $119.00.
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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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