The Sumitomo Mitsui Asset Management Company LTD Lowers Position in PPG Industries Inc. (PPG)

The Sumitomo Mitsui Asset Management Company LTD Lowers Position in PPG Industries Inc. (PPG)

Sumitomo Mitsui Asset Management Company LTD decreased its position in shares of PPG Industries Inc. (NYSE:PPG) by 0.9% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 20,535 shares of the company’s stock after selling 179 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in PPG Industries were worth $2,122,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. FMR LLC boosted its stake in PPG Industries by 2.5% in the second quarter. FMR LLC now owns 16,985,838 shares of the company’s stock worth $1,769,075,000 after buying an additional 409,325 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in PPG Industries by 0.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 15,989,847 shares of the company’s stock valued at $1,665,343,000 after buying an additional 139,886 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in PPG Industries by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,977,963 shares of the company’s stock valued at $726,755,000 after buying an additional 132,813 shares during the last quarter. BlackRock Fund Advisors boosted its stake in PPG Industries by 7.9% in the second quarter. BlackRock Fund Advisors now owns 3,318,625 shares of the company’s stock valued at $345,635,000 after buying an additional 242,377 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in PPG Industries by 4.2% in the second quarter. BlackRock Group LTD now owns 2,100,601 shares of the company’s stock valued at $218,778,000 after buying an additional 84,589 shares during the last quarter. Hedge funds and other institutional investors own 71.34% of the company’s stock.

PPG Industries Inc. (NYSE:PPG) traded up 0.84% during mid-day trading on Thursday, hitting $97.50. The stock had a trading volume of 3,377,898 shares. PPG Industries Inc. has a one year low of $88.37 and a one year high of $117.00. The company has a market cap of $25.74 billion, a price-to-earnings ratio of 30.97 and a beta of 1.39. The company has a 50 day moving average price of $96.23 and a 200-day moving average price of $99.87.

PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, January 19th. The company reported $1.19 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.19. PPG Industries had a net margin of 5.56% and a return on equity of 30.59%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business earned $1.16 earnings per share. PPG Industries’s revenue was down 5.3% compared to the same quarter last year. Equities analysts expect that PPG Industries Inc. will post $5.90 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 17th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.64%. PPG Industries’s dividend payout ratio (DPR) is currently 51.12%.

Several research firms recently issued reports on PPG. Zacks Investment Research upgraded PPG Industries from a “sell” rating to a “hold” rating in a report on Wednesday, September 28th. Jefferies Group reiterated a “buy” rating and issued a $129.00 price objective on shares of PPG Industries in a report on Wednesday, October 5th. Royal Bank Of Canada cut PPG Industries from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $105.00 to $101.00 in a report on Tuesday, December 13th. RBC Capital Markets cut PPG Industries from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $105.00 to $101.00 in a report on Tuesday, December 13th. They noted that the move was a valuation call. Finally, TheStreet cut PPG Industries from a “buy” rating to a “hold” rating in a report on Monday, November 21st. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. PPG Industries has a consensus rating of “Hold” and an average target price of $111.92.

PPG Industries Company Profile

PPG Industries, Inc (PPG) manufactures and distributes a range of coatings, specialty materials and glass products. PPG operates through three business segments: Performance Coatings, Industrial Coatings and Glass. The Performance Coatings segment consists of the refinish, aerospace, protective and marine, architectural-Americas and Asia Pacific, and architectural-EMEA coatings businesses.

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