Jennison Associates LLC lifted its stake in PPG Industries, Inc. (NYSE:PPG) by 170.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,143 shares of the specialty chemicals company’s stock after buying an additional 3,244 shares during the period. Jennison Associates LLC’s holdings in PPG Industries were worth $533,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of PPG. Archford Capital Strategies LLC purchased a new position in PPG Industries during the 1st quarter worth $109,000. McKinley Carter Wealth Services Inc. purchased a new position in PPG Industries during the 1st quarter worth $104,000. Kohmann Bosshard Financial Services LLC purchased a new position in PPG Industries during the 1st quarter worth $112,000. Whittier Trust Co. of Nevada Inc. grew its position in PPG Industries by 57.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,372 shares of the specialty chemicals company’s stock worth $153,000 after purchasing an additional 500 shares during the last quarter. Finally, Adviser Investments LLC purchased a new position in PPG Industries during the 1st quarter worth $157,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have issued reports on PPG shares. KeyCorp lowered their price objective on shares of PPG Industries from $130.00 to $128.00 and set a “$104.41” rating on the stock in a research report on Monday, July 23rd. Goldman Sachs Group raised shares of PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price objective on the stock in a research report on Wednesday, July 25th. ValuEngine raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Jefferies Financial Group downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. Finally, Royal Bank of Canada reissued a “hold” rating on shares of PPG Industries in a research report on Tuesday, April 24th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. PPG Industries presently has an average rating of “Hold” and an average price target of $122.29.
PPG stock opened at $108.42 on Friday. PPG Industries, Inc. has a one year low of $100.36 and a one year high of $122.07. The firm has a market capitalization of $26.01 billion, a PE ratio of 18.47, a PEG ratio of 2.07 and a beta of 1.51. The company has a quick ratio of 1.22, a current ratio of 1.70 and a debt-to-equity ratio of 1.01.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.88 by $0.02. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The company had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter last year, the business earned $1.83 EPS. The business’s revenue was up 8.5% on a year-over-year basis. research analysts expect that PPG Industries, Inc. will post 6.2 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Friday, August 10th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Thursday, August 9th. This is a boost from PPG Industries’s previous quarterly dividend of $0.45. PPG Industries’s dividend payout ratio (DPR) is 32.71%.
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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