State Board of Administration of Florida Retirement System decreased its stake in shares of PPG Industries, Inc. (NYSE:PPG) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 337,965 shares of the specialty chemicals company’s stock after selling 7,629 shares during the period. State Board of Administration of Florida Retirement System owned about 0.14% of PPG Industries worth $35,845,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of PPG. Clearbridge Investments LLC boosted its holdings in PPG Industries by 16.9% during the first quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock worth $549,362,000 after buying an additional 947,678 shares in the last quarter. First Eagle Investment Management LLC acquired a new stake in shares of PPG Industries during the 1st quarter valued at $74,708,000. Nuveen Asset Management LLC boosted its stake in shares of PPG Industries by 52.5% during the 1st quarter. Nuveen Asset Management LLC now owns 2,372,351 shares of the specialty chemicals company’s stock valued at $198,329,000 after buying an additional 816,465 shares during the period. First Trust Advisors LP boosted its stake in shares of PPG Industries by 101.4% during the 1st quarter. First Trust Advisors LP now owns 1,120,797 shares of the specialty chemicals company’s stock valued at $93,699,000 after buying an additional 564,353 shares during the period. Finally, Ceredex Value Advisors LLC boosted its stake in shares of PPG Industries by 136.0% during the 1st quarter. Ceredex Value Advisors LLC now owns 943,250 shares of the specialty chemicals company’s stock valued at $78,856,000 after buying an additional 543,600 shares during the period. 76.83% of the stock is currently owned by institutional investors and hedge funds.
PPG has been the subject of a number of research reports. Credit Suisse Group lifted their target price on shares of PPG Industries from $111.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Robert W. Baird raised their price target on shares of PPG Industries from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Barclays raised their price target 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. Royal Bank of Canada lifted their target price on shares of PPG Industries from $102.00 to $112.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Finally, BMO Capital Markets lifted their target price on shares of PPG Industries from $125.00 to $137.00 and gave the stock an “outperform” rating in a report on Monday, July 20th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $120.50.
Shares of PPG Industries stock traded down $0.37 on Friday, hitting $117.87. The company had a trading volume of 7,814 shares, compared to its average volume of 1,340,219. PPG Industries, Inc. has a twelve month low of $69.77 and a twelve month high of $134.36. The stock has a 50-day moving average of $111.56 and a 200-day moving average of $102.83. The firm has a market capitalization of $28.00 billion, a P/E ratio of 28.09, a P/E/G ratio of 4.74 and a beta of 1.26. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.35 and a quick ratio of 1.03.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 16th. The specialty chemicals company reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.29. PPG Industries had a net margin of 7.23% and a return on equity of 23.88%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same quarter in the prior year, the company posted $1.85 earnings per share. Equities analysts predict that PPG Industries, Inc. will post 4.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 10th will be given a dividend of $0.54 per share. This is a positive change from PPG Industries’s previous quarterly dividend of $0.51. This represents a $2.16 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Friday, August 7th. PPG Industries’s dividend payout ratio is 34.73%.
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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