Fort Pitt Capital Group LLC reduced its position in PPG Industries, Inc. (NYSE:PPG) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,573 shares of the specialty chemicals company’s stock after selling 1,347 shares during the period. Fort Pitt Capital Group LLC’s holdings in PPG Industries were worth $9,499,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of PPG. Massachusetts Financial Services Co. MA increased its position in PPG Industries by 15.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 22,112,913 shares of the specialty chemicals company’s stock worth $2,293,772,000 after purchasing an additional 2,995,436 shares during the last quarter. Parnassus Investments CA increased its position in PPG Industries by 68.1% in the 2nd quarter. Parnassus Investments CA now owns 4,256,434 shares of the specialty chemicals company’s stock worth $441,520,000 after purchasing an additional 1,724,631 shares during the last quarter. Ceredex Value Advisors LLC acquired a new position in PPG Industries in the 1st quarter worth about $85,777,000. Mondrian Investment Partners LTD acquired a new position in PPG Industries in the 2nd quarter worth about $46,290,000. Finally, Findlay Park Partners LLP increased its holdings in shares of PPG Industries by 32.9% during the 1st quarter. Findlay Park Partners LLP now owns 1,093,176 shares of the specialty chemicals company’s stock valued at $121,998,000 after acquiring an additional 270,378 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on PPG. JPMorgan Chase & Co. lowered PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price objective on the stock. in a report on Friday, July 27th. They noted that the move was a valuation call. Royal Bank of Canada reissued a “hold” rating on shares of PPG Industries in a report on Tuesday, April 24th. Citigroup lowered their price objective on PPG Industries from $125.00 to $123.00 and set a “neutral” rating on the stock in a report on Tuesday, April 24th. ValuEngine raised PPG Industries from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Finally, Goldman Sachs Group raised PPG Industries from a “neutral” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Wednesday, July 25th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. PPG Industries presently has an average rating of “Hold” and an average target price of $122.29.
PPG opened at $109.73 on Tuesday. The company has a market capitalization of $26.01 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 2.07 and a beta of 1.51. The company has a current ratio of 1.70, a quick ratio of 1.22 and a debt-to-equity ratio of 1.01. PPG Industries, Inc. has a 12-month low of $100.36 and a 12-month high of $122.07.
PPG Industries (NYSE:PPG) last released its earnings results on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.02. The firm had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a return on equity of 27.36% and a net margin of 9.87%. The company’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.83 EPS. research analysts expect that PPG Industries, Inc. will post 6.2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Friday, August 10th will be issued a $0.48 dividend. The ex-dividend date is Thursday, August 9th. This represents a $1.92 dividend on an annualized basis and a yield of 1.75%. This is a positive change from PPG Industries’s previous quarterly dividend of $0.45. PPG Industries’s dividend payout ratio (DPR) is 32.71%.
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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