Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its position in PPG Industries by 11.0% in the third quarter. FMR LLC now owns 358,333 shares of the specialty chemicals company’s stock valued at $46,512,000 after purchasing an additional 35,571 shares during the period. Ergoteles LLC grew its stake in shares of PPG Industries by 90.3% during the second quarter. Ergoteles LLC now owns 18,257 shares of the specialty chemicals company’s stock valued at $2,708,000 after acquiring an additional 8,662 shares in the last quarter. Nomura Holdings Inc. grew its stake in shares of PPG Industries by 2.3% during the third quarter. Nomura Holdings Inc. now owns 8,479 shares of the specialty chemicals company’s stock valued at $1,101,000 after acquiring an additional 192 shares in the last quarter. Financial Counselors Inc. grew its stake in shares of PPG Industries by 6.4% during the third quarter. Financial Counselors Inc. now owns 1,883 shares of the specialty chemicals company’s stock valued at $244,000 after acquiring an additional 114 shares in the last quarter. Finally, Vest Financial LLC grew its stake in shares of PPG Industries by 42.6% during the fourth quarter. Vest Financial LLC now owns 217,865 shares of the specialty chemicals company’s stock valued at $32,582,000 after acquiring an additional 65,073 shares in the last quarter. 81.86% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
PPG has been the subject of several recent analyst reports. Barclays downgraded PPG Industries from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $163.00 to $149.00 in a research note on Tuesday, February 27th. Wolfe Research initiated coverage on PPG Industries in a research note on Friday, March 1st. They set a “peer perform” rating for the company. Vertical Research upgraded PPG Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, January 3rd. Robert W. Baird restated an “outperform” rating and set a $150.00 target price on shares of PPG Industries in a research note on Friday, January 19th. Finally, Royal Bank of Canada decreased their price target on PPG Industries from $158.00 to $156.00 and set a “sector perform” rating for the company in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, PPG Industries presently has an average rating of “Hold” and an average target price of $157.13.
View Our Latest Research Report on PPG Industries
PPG Industries Price Performance
NYSE:PPG traded up $0.36 during midday trading on Friday, hitting $144.90. 1,532,965 shares of the stock were exchanged, compared to its average volume of 1,816,500. PPG Industries, Inc. has a one year low of $120.32 and a one year high of $152.89. The company has a market capitalization of $34.10 billion, a price-to-earnings ratio of 27.13, a P/E/G ratio of 1.43 and a beta of 1.28. The business has a 50-day moving average price of $141.25 and a two-hundred day moving average price of $138.13. The company has a current ratio of 1.47, a quick ratio of 1.05 and a debt-to-equity ratio of 0.72.
PPG Industries (NYSE:PPG – Get Free Report) last announced its earnings results on Friday, January 19th. The specialty chemicals company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.49 by $0.04. The firm had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.27 billion. PPG Industries had a return on equity of 23.51% and a net margin of 6.96%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.22 earnings per share. Sell-side analysts predict that PPG Industries, Inc. will post 8.45 EPS for the current year.
PPG Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Thursday, February 15th were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield…
Read More: PPG Industries, Inc. (NYSE:PPG) Shares Sold by Manning & Napier Group LLC