Daymark Wealth Partners LLC Reduces Stake in PPG Industries, Inc. (NYSE:PPG)

Daymark Wealth Partners LLC lowered its holdings in PPG Industries, Inc. (NYSE:PPG) by 50.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 27,091 shares of the specialty chemicals company’s stock after selling 28,075 shares during the quarter. Daymark Wealth Partners LLC’s holdings in PPG Industries were worth $2,962,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PPG. Norges Bank purchased a new position in PPG Industries in the fourth quarter valued at approximately $470,535,000. Kovitz Investment Group Partners LLC grew its position in shares of PPG Industries by 482.2% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 4,337,649 shares of the specialty chemicals company’s stock valued at $518,132,000 after buying an additional 3,592,655 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of PPG Industries by 815.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,031,164 shares of the specialty chemicals company’s stock valued at $362,074,000 after buying an additional 2,700,018 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in shares of PPG Industries by 138.9% during the fourth quarter. First Eagle Investment Management LLC now owns 3,196,951 shares of the specialty chemicals company’s stock worth $381,876,000 after purchasing an additional 1,858,895 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of PPG Industries by 17.7% during the fourth quarter. Wellington Management Group LLP now owns 10,567,051 shares of the specialty chemicals company’s stock worth $1,262,234,000 after purchasing an additional 1,590,041 shares during the last quarter. 81.86% of the stock is currently owned by hedge funds and other institutional investors.

PPG Industries Stock Performance

NYSE:PPG opened at $113.49 on Tuesday. The firm’s fifty day moving average price is $106.59 and its 200 day moving average price is $113.71. PPG Industries, Inc. has a 1-year low of $90.24 and a 1-year high of $137.24. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.58 and a quick ratio of 1.13. The firm has a market cap of $25.76 billion, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17.

PPG Industries (NYSE:PPG) last issued its earnings results on Tuesday, April 29th. The specialty chemicals company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.10. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.67 billion. PPG Industries had a net margin of 6.41% and a return on equity of 23.78%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.87 earnings per share. On average, sell-side analysts expect that PPG Industries, Inc. will post 7.95 EPS for the current year.

PPG Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Monday, May 12th will be given a $0.68 dividend. The ex-dividend date is Monday, May 12th. This represents a $2.72 dividend on an annualized basis and a yield of 2.40%. PPG Industries’s payout ratio is currently 58.24%.

Analyst Ratings Changes

Several equities analysts have issued reports on PPG shares. JPMorgan Chase & Co. dropped their price objective on PPG Industries from $115.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Royal Bank of Canada raised their price target on PPG Industries from $112.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Friday, May 2nd. Citigroup lowered their target price on shares of PPG Industries from $135.00 to $113.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Fermium Researc upgraded shares of PPG Industries to a “strong-buy” rating in a research report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of PPG Industries from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $128.42.

PPG Industries Company Profile

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.