State of Michigan Retirement System boosted its holdings in PPG Industries, Inc. (NYSE:PPG) by 11.2% during the 2nd quarter, Holdings Channel reports. The firm owned 60,243 shares of the specialty chemicals company’s stock after acquiring an additional 6,075 shares during the period. State of Michigan Retirement System’s holdings in PPG Industries were worth $6,389,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also made changes to their positions in the company. Clearbridge Investments LLC raised its stake in shares of PPG Industries by 16.9% during the 1st quarter. Clearbridge Investments LLC now owns 6,571,310 shares of the specialty chemicals company’s stock worth $549,362,000 after purchasing an additional 947,678 shares during the period. First Eagle Investment Management LLC bought a new stake in PPG Industries in the first quarter worth about $74,708,000. Nuveen Asset Management LLC boosted its stake in PPG Industries by 52.5% in the first quarter. Nuveen Asset Management LLC now owns 2,372,351 shares of the specialty chemicals company’s stock valued at $198,329,000 after acquiring an additional 816,465 shares during the last quarter. First Trust Advisors LP grew its position 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 acquiring an additional 564,353 shares during the period. Finally, Ceredex Value Advisors LLC increased 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 worth $78,856,000 after purchasing an additional 543,600 shares during the last quarter. Hedge funds and other institutional investors own 76.83% of the company’s stock.
PPG has been the topic of several research analyst reports. Citigroup increased their price objective on PPG Industries from $107.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Robert W. Baird increased their price target on PPG Industries from $120.00 to $130.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. BMO Capital Markets boosted their price objective on PPG Industries from $125.00 to $137.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. SunTrust Banks upgraded shares of PPG Industries from a “hold” rating to a “buy” rating and increased their target price for the stock from $92.00 to $132.00 in a research report on Monday, July 20th. Finally, Argus boosted their price target on shares of PPG Industries from $108.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. PPG Industries presently has a consensus rating of “Buy” and an average target price of $118.56.
PPG Industries stock opened at $107.65 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.03 and a current ratio of 1.35. PPG Industries, Inc. has a fifty-two week low of $69.77 and a fifty-two week high of $134.36. The stock has a market cap of $25.40 billion, a P/E ratio of 25.57, a PEG ratio of 3.79 and a beta of 1.27. The firm’s fifty day moving average price is $107.27 and its 200-day moving average price is $104.11.
PPG Industries (NYSE:PPG) last announced its earnings results on Thursday, July 16th. The specialty chemicals company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.29. PPG Industries had a return on equity of 23.88% and a net margin of 7.23%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same period in the prior year, the company earned $1.85 EPS. Sell-side analysts predict that PPG Industries, Inc. will post 4.73 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 10th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. This is a boost from PPG Industries’s previous quarterly dividend of $0.51. The ex-dividend date is Friday, August 7th. PPG Industries’s dividend payout ratio is 32.80%.
PPG Industries Profile
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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