US Bancorp DE reduced its position in PPG Industries, Inc. (NYSE:PPG) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 491,838 shares of the company’s stock after selling 9,540 shares during the period. US Bancorp DE owned about 0.19% of PPG Industries worth $50,836,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the company. James Investment Research Inc. increased its stake in PPG Industries by 2.2% in the third quarter. James Investment Research Inc. now owns 119,448 shares of the company’s stock valued at $12,346,000 after buying an additional 2,585 shares in the last quarter. TIAA CREF Trust Co. FSB MO increased its stake in PPG Industries by 3.5% in the third quarter. TIAA CREF Trust Co. FSB MO now owns 24,635 shares of the company’s stock valued at $2,547,000 after buying an additional 827 shares in the last quarter. Bank of New York Mellon Corp increased its stake in PPG Industries by 8.7% in the third quarter. Bank of New York Mellon Corp now owns 3,061,387 shares of the company’s stock valued at $316,425,000 after buying an additional 245,768 shares in the last quarter. Cliftonlarsonallen Wealth Advisors LLC bought a new stake in PPG Industries during the third quarter valued at $1,480,000. Finally, Aberdeen Asset Management PLC UK increased its stake in PPG Industries by 9.9% in the second quarter. Aberdeen Asset Management PLC UK now owns 88,409 shares of the company’s stock valued at $9,207,000 after buying an additional 7,939 shares in the last quarter. 72.59% of the stock is currently owned by institutional investors.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at 100.01 on Wednesday. The stock’s 50 day moving average is $97.20 and its 200-day moving average is $99.49. The stock has a market cap of $26.40 billion, a price-to-earnings ratio of 30.48 and a beta of 1.39. PPG Industries, Inc. has a 12-month low of $88.37 and a 12-month high of $117.00.
PPG Industries (NYSE:PPG) last posted its quarterly earnings data on Thursday, January 19th. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. PPG Industries had a net margin of 5.84% and a return on equity of 29.94%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the firm posted $1.16 EPS. PPG Industries’s quarterly revenue was down 5.3% on a year-over-year basis. Equities analysts anticipate that PPG Industries, Inc. will post $6.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Friday, February 17th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, February 15th. This represents a $1.60 dividend on an annualized basis and a yield of 1.60%. PPG Industries’s dividend payout ratio (DPR) is 48.93%.
PPG has been the topic of several research analyst reports. Zacks Investment Research raised shares of PPG Industries from a “sell” rating to a “hold” rating in a research report on Monday, December 12th. RBC Capital Markets restated a “hold” rating and set a $101.00 price objective on shares of PPG Industries in a research note on Wednesday, January 4th. Susquehanna cut shares of PPG Industries from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $108.00 to $100.00 in a research note on Tuesday, January 17th. Barclays PLC restated a “hold” rating and set a $110.00 price objective on shares of PPG Industries in a research note on Sunday, January 22nd. Finally, TheStreet cut shares of PPG Industries from a “buy” rating to a “hold” rating in a research note on Monday, November 21st. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. PPG Industries has an average 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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