HighTower Advisors LLC decreased its position in shares of PPG Industries, Inc. (NYSE:PPG) by 18.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,113 shares of the specialty chemicals company’s stock after selling 5,355 shares during the quarter. HighTower Advisors LLC’s holdings in PPG Industries were worth $2,017,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. Valeo Financial Advisors LLC lifted its stake in PPG Industries by 55.8% in the 1st quarter. Valeo Financial Advisors LLC now owns 483 shares of the specialty chemicals company’s stock valued at $46,000 after buying an additional 173 shares in the last quarter. Procyon Private Wealth Partners LLC purchased a new stake in PPG Industries in the 4th quarter valued at approximately $48,000. Aigen Investment Management LP purchased a new stake in PPG Industries in the 1st quarter valued at approximately $54,000. Orion Portfolio Solutions LLC purchased a new stake in PPG Industries in the 4th quarter valued at approximately $64,000. Finally, NuWave Investment Management LLC lifted its stake in PPG Industries by 277.6% in the 1st quarter. NuWave Investment Management LLC now owns 861 shares of the specialty chemicals company’s stock valued at $72,000 after buying an additional 633 shares in the last quarter. 76.91% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE PPG opened at $103.94 on Tuesday. PPG Industries, Inc. has a 12-month low of $69.77 and a 12-month high of $134.36. The company has a market cap of $24.10 billion, a P/E ratio of 21.13, a P/E/G ratio of 2.50 and a beta of 1.26. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 1.11. The stock has a fifty day moving average price of $100.33 and a 200 day moving average price of $107.80.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Monday, April 27th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.02. PPG Industries had a return on equity of 27.56% and a net margin of 7.88%. The firm had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same period in the prior year, the firm earned $1.38 EPS. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. On average, sell-side analysts forecast that PPG Industries, Inc. will post 4.3 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Monday, May 11th were issued a $0.51 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.04 annualized dividend and a yield of 1.96%. PPG Industries’s dividend payout ratio is currently 32.80%.
A number of brokerages have weighed in on PPG. 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 note on Thursday, March 26th. Susquehanna Bancshares reduced their price target on PPG Industries from $140.00 to $82.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Bank of America raised PPG Industries from an “underperform” rating to a “neutral” rating in a research note on Monday, March 23rd. BMO Capital Markets reduced their price target on PPG Industries from $100.00 to $98.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Finally, Cfra reissued a “hold” rating and set a $99.00 price target (down previously from $114.00) on shares of PPG Industries in a research note on Tuesday, April 28th. Twelve analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. PPG Industries presently has a consensus rating of “Hold” and a consensus target price of $110.60.
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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