Welch & Forbes LLC increased its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,228 shares of the specialty chemicals company’s stock after acquiring an additional 130 shares during the quarter. Welch & Forbes LLC’s holdings in PPG Industries were worth $555,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Baird Financial Group Inc. boosted its stake in PPG Industries by 11.3% during the fourth quarter. Baird Financial Group Inc. now owns 98,796 shares of the specialty chemicals company’s stock worth $13,188,000 after acquiring an additional 10,002 shares in the last quarter. Man Group plc boosted its stake in PPG Industries by 209.2% during the fourth quarter. Man Group plc now owns 37,695 shares of the specialty chemicals company’s stock worth $5,032,000 after acquiring an additional 25,505 shares in the last quarter. Manning & Napier Group LLC boosted its stake in PPG Industries by 6.8% during the second quarter. Manning & Napier Group LLC now owns 76,089 shares of the specialty chemicals company’s stock worth $8,069,000 after acquiring an additional 4,851 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in PPG Industries by 5.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 2,580 shares of the specialty chemicals company’s stock worth $344,000 after acquiring an additional 132 shares in the last quarter. Finally, IBM Retirement Fund boosted its stake in PPG Industries by 60.6% during the first quarter. IBM Retirement Fund now owns 5,596 shares of the specialty chemicals company’s stock worth $468,000 after acquiring an additional 2,112 shares in the last quarter. 76.83% of the stock is currently owned by institutional investors and hedge funds.
NYSE PPG opened at $111.80 on Friday. PPG Industries, Inc. has a 52-week low of $69.77 and a 52-week high of $134.36. The company has a 50-day simple moving average of $106.31 and a 200 day simple moving average of $105.57. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.00 and a current ratio of 1.36. The company has a market capitalization of $26.38 billion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 2.81 and a beta of 1.27.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.29. PPG Industries had a net margin of 7.88% and a return on equity of 27.56%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same quarter last year, the company posted $1.85 earnings per share. As a group, analysts forecast that PPG Industries, Inc. will post 4.33 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 10th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from PPG Industries’s previous quarterly dividend of $0.51. PPG Industries’s dividend payout ratio (DPR) is 32.80%.
A number of research analysts have weighed in on the stock. Citigroup raised their price objective on shares of PPG Industries from $107.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Cfra reaffirmed a “hold” rating and issued a $99.00 price objective (down from $114.00) on shares of PPG Industries in a research note on Tuesday, April 28th. SunTrust Banks dropped their price objective on shares of PPG Industries from $127.00 to $92.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. Bank of America raised shares of PPG Industries from an “underperform” rating to a “neutral” rating in a research note on Monday, March 23rd. Finally, Barclays dropped their price objective on shares of PPG Industries from $135.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $110.33.
About PPG Industries
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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