OppenheimerFunds Inc. trimmed its position in shares of PPG Industries, Inc. (NYSE:PPG) by 38.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,020,920 shares of the specialty chemicals company’s stock after selling 646,720 shares during the period. OppenheimerFunds Inc.’s holdings in PPG Industries were worth $105,901,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Archford Capital Strategies LLC acquired a new stake in PPG Industries during the first quarter worth about $109,000. McKinley Carter Wealth Services Inc. acquired a new stake in shares of PPG Industries in the 1st quarter valued at approximately $104,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of PPG Industries in the 1st quarter valued at approximately $112,000. Adviser Investments LLC acquired a new stake in shares of PPG Industries in the 1st quarter valued at approximately $157,000. Finally, Rational Advisors LLC boosted its stake in shares of PPG Industries by 111.0% in the 1st quarter. Rational Advisors LLC now owns 1,688 shares of the specialty chemicals company’s stock valued at $189,000 after purchasing an additional 888 shares in the last quarter. Hedge funds and other institutional investors own 78.03% of the company’s stock.
PPG has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of PPG Industries from a “sell” rating to a “hold” rating in a research note on Friday, June 15th. JPMorgan Chase & Co. downgraded shares of PPG Industries from an “overweight” rating to a “neutral” rating and set a $113.00 price target on the stock. in a research note on Friday, July 27th. They noted that the move was a valuation call. Jefferies Financial Group downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, May 16th. Credit Suisse Group reduced their price target on shares of PPG Industries from $122.00 to $119.00 and set an “outperform” rating on the stock in a research note on Friday, July 20th. Finally, BMO Capital Markets reduced their price target on shares of PPG Industries to $116.00 and set a “market perform” rating on the stock in a research note on Thursday, May 17th. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $122.29.
Shares of NYSE PPG opened at $111.51 on Friday. The company has a market capitalization of $27.11 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 2.16 and a beta of 1.52. PPG Industries, Inc. has a 1 year low of $100.36 and a 1 year high of $122.07. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.70 and a quick ratio of 1.22.
PPG Industries (NYSE:PPG) last issued its quarterly earnings data on Thursday, July 19th. The specialty chemicals company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.02. The business had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.12 billion. PPG Industries had a net margin of 9.87% and a return on equity of 27.36%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $1.83 EPS. analysts forecast that PPG Industries, Inc. will post 6.2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 12th. Investors of record on Friday, August 10th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, August 9th. 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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