Verition Fund Management LLC lessened its position in PPG Industries, Inc. (NYSE:PPG) by 69.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,066 shares of the specialty chemicals company’s stock after selling 6,934 shares during the period. Verition Fund Management LLC’s holdings in PPG Industries were worth $342,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in PPG. Ceredex Value Advisors LLC bought a new stake in PPG Industries in the 1st quarter worth $85,777,000. Millennium Management LLC bought a new stake in PPG Industries in the 4th quarter worth $57,025,000. Renaissance Technologies LLC bought a new stake in PPG Industries in the 4th quarter worth $50,151,000. Findlay Park Partners LLP grew its holdings in PPG Industries by 32.9% in the 1st quarter. Findlay Park Partners LLP now owns 1,093,176 shares of the specialty chemicals company’s stock worth $121,998,000 after acquiring an additional 270,378 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of PPG Industries by 83.3% in the 4th quarter. Two Sigma Investments LP now owns 593,046 shares of the specialty chemicals company’s stock worth $69,280,000 after purchasing an additional 269,541 shares during the period. 75.96% of the stock is currently owned by institutional investors and hedge funds.
Shares of PPG stock opened at $105.11 on Thursday. PPG Industries, Inc. has a 52 week low of $100.36 and a 52 week high of $122.07. The company has a market capitalization of $26.44 billion, a PE ratio of 17.91, a P/E/G ratio of 1.85 and a beta of 1.53. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.66 and a quick ratio of 1.22.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, April 19th. The specialty chemicals company reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.10). PPG Industries had a return on equity of 26.15% and a net margin of 10.94%. The company had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. equities research analysts anticipate that PPG Industries, Inc. will post 6.36 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 12th. Investors of record on Thursday, May 10th were given a dividend of $0.45 per share. The ex-dividend date was Wednesday, May 9th. This represents a $1.80 annualized dividend and a yield of 1.71%. PPG Industries’s dividend payout ratio (DPR) is 30.66%.
Several equities research analysts have recently commented on the stock. Barclays reaffirmed an “equal weight” rating and issued a $122.00 target price (down from $125.00) on shares of PPG Industries in a research report on Friday, March 2nd. Zacks Investment Research cut shares of PPG Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. BMO Capital Markets dropped their target price on shares of PPG Industries to $116.00 and set a “market perform” rating for the company in a research report on Thursday, May 17th. ValuEngine cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Finally, Jefferies Financial Group cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $123.65.
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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