DekaBank Deutsche Girozentrale lowered its holdings in PPG Industries, Inc. (NYSE:PPG) by 5.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 131,808 shares of the specialty chemicals company’s stock after selling 6,921 shares during the period. DekaBank Deutsche Girozentrale owned about 0.05% of PPG Industries worth $13,789,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Bruderman Asset Management LLC purchased a new position in PPG Industries in the second quarter valued at about $105,000. State of Alaska Department of Revenue purchased a new position in PPG Industries in the second quarter valued at about $113,000. First Interstate Bank boosted its holdings in PPG Industries by 3.1% in the second quarter. First Interstate Bank now owns 1,157 shares of the specialty chemicals company’s stock valued at $127,000 after purchasing an additional 35 shares during the last quarter. Global X Management Co. LLC boosted its holdings in PPG Industries by 9.2% in the second quarter. Global X Management Co. LLC now owns 1,288 shares of the specialty chemicals company’s stock valued at $142,000 after purchasing an additional 108 shares during the last quarter. Finally, Grove Bank & Trust boosted its holdings in PPG Industries by 28.6% in the second quarter. Grove Bank & Trust now owns 1,516 shares of the specialty chemicals company’s stock valued at $167,000 after purchasing an additional 337 shares during the last quarter. 74.67% of the stock is owned by hedge funds and other institutional investors.
PPG has been the topic of a number of research analyst reports. Credit Suisse Group set a $119.00 target price on PPG Industries and gave the stock a “buy” rating in a report on Friday, October 20th. Bank of America Corporation downgraded PPG Industries from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a report on Monday, July 24th. Zacks Investment Research downgraded PPG Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Jefferies Group LLC reaffirmed a “buy” rating and set a $120.00 target price on shares of PPG Industries in a report on Thursday, October 19th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $115.00 target price on shares of PPG Industries in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $119.36.
PPG Industries (NYSE:PPG) last announced its quarterly earnings results on Thursday, October 19th. The specialty chemicals company reported $1.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.52. PPG Industries had a return on equity of 27.85% and a net margin of 12.21%. The business had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter last year, the business posted $1.56 EPS. The business’s revenue was up 3.2% on a year-over-year basis. equities research analysts forecast that PPG Industries, Inc. will post 5.9 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Friday, November 10th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Thursday, November 9th. PPG Industries’s dividend payout ratio is currently 35.86%.
PPG Industries Profile
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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