Community Bank N.A. raised its stake in PPG Industries, Inc. (NYSE:PPG) by 6.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,467 shares of the specialty chemicals company’s stock after purchasing an additional 220 shares during the period. Community Bank N.A.’s holdings in PPG Industries were worth $367,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Clearbridge Investments LLC boosted its holdings in shares of PPG Industries by 16.9% in the 1st quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock valued at $549,362,000 after buying an additional 947,678 shares in the last quarter. First Eagle Investment Management LLC acquired a new position in PPG Industries in the first quarter valued at $74,708,000. Nuveen Asset Management LLC boosted its stake in PPG Industries by 52.5% in the first quarter. Nuveen Asset Management LLC now owns 2,372,351 shares of the specialty chemicals company’s stock valued at $198,329,000 after acquiring an additional 816,465 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of PPG Industries by 101.4% during the first quarter. First Trust Advisors LP now owns 1,120,797 shares of the specialty chemicals company’s stock worth $93,699,000 after purchasing an additional 564,353 shares during the last quarter. Finally, Ceredex Value Advisors LLC increased its position in shares of PPG Industries by 136.0% during the first quarter. Ceredex Value Advisors LLC now owns 943,250 shares of the specialty chemicals company’s stock worth $78,856,000 after purchasing an additional 543,600 shares in the last quarter. 76.83% of the stock is currently owned by institutional investors.
Shares of PPG stock traded down $0.55 during trading hours on Friday, reaching $107.65. 1,293,617 shares of the company’s stock were exchanged, compared to its average volume of 1,599,742. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.35 and a quick ratio of 1.03. The company’s 50 day moving average is $107.27 and its two-hundred day moving average is $104.11. The company has a market cap of $25.40 billion, a P/E ratio of 25.57, a price-to-earnings-growth ratio of 3.79 and a beta of 1.27. PPG Industries, Inc. has a 1 year low of $69.77 and a 1 year high of $134.36.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.29. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.83 billion. PPG Industries had a return on equity of 23.88% and a net margin of 7.23%. During the same quarter in the prior year, the company posted $1.85 earnings per share. As a group, analysts predict that PPG Industries, Inc. will post 4.73 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from PPG Industries’s previous quarterly dividend of $0.51. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.01%. PPG Industries’s dividend payout ratio is 32.80%.
PPG has been the topic of a number of research reports. Morgan Stanley raised their price target on PPG Industries from $105.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Robert W. Baird increased their price target on shares of PPG Industries from $120.00 to $130.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. Deutsche Bank raised their price objective on shares of PPG Industries from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Barclays upped their target price on shares of PPG Industries from $106.00 to $120.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Finally, Cfra reissued a “hold” rating and set a $99.00 price target (down previously from $114.00) on shares of PPG Industries in a report on Tuesday, April 28th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $118.56.
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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