Hsbc Holdings PLC grew its stake in PPG Industries, Inc. (NYSE:PPG – Free Report) by 24.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 730,622 shares of the specialty chemicals company’s stock after purchasing an additional 143,292 shares during the period. Hsbc Holdings PLC’s holdings in PPG Industries were worth $77,890,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of PPG. Resona Asset Management Co. Ltd. boosted its stake in PPG Industries by 0.3% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 90,142 shares of the specialty chemicals company’s stock valued at $9,538,000 after buying an additional 295 shares in the last quarter. Greenwood Capital Associates LLC acquired a new position in PPG Industries during the first quarter worth $1,292,000. Evergreen Private Wealth LLC acquired a new position in PPG Industries during the first quarter worth $120,000. United Asset Strategies Inc. lifted its holdings in shares of PPG Industries by 8.8% during the first quarter. United Asset Strategies Inc. now owns 5,068 shares of the specialty chemicals company’s stock valued at $542,000 after acquiring an additional 412 shares during the period. Finally, Swedbank AB boosted its stake in shares of PPG Industries by 3.4% in the 1st quarter. Swedbank AB now owns 198,495 shares of the specialty chemicals company’s stock valued at $21,215,000 after purchasing an additional 6,488 shares in the last quarter. Institutional investors own 81.86% of the company’s stock.
PPG Industries Stock Up 0.0%
NYSE PPG opened at $117.39 on Monday. The stock has a market capitalization of $26.17 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05. PPG Industries, Inc. has a 52 week low of $93.39 and a 52 week high of $133.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.17 and a current ratio of 1.61. The stock has a fifty day moving average of $114.79 and a 200-day moving average of $112.93.
PPG Industries Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 10th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, August 10th. This is a boost from PPG Industries’s previous quarterly dividend of $0.71. PPG Industries’s dividend payout ratio is currently 40.51%.
Wall Street Analyst Weigh In
PPG has been the topic of several analyst reports. BMO Capital Markets lowered their target price on shares of PPG Industries from $140.00 to $138.00 and set an “outperform” rating on the stock in a report on Monday, July 6th. The Goldman Sachs Group reduced their price target on shares of PPG Industries from $134.00 to $130.00 in a research report on Friday, May 1st. UBS Group upped their price objective on shares of PPG Industries from $110.00 to $116.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Citigroup raised their price objective on shares of PPG Industries from $114.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Finally, BNP Paribas Exane lifted their target price on shares of PPG Industries from $115.00 to $116.00 in a research note on Thursday, April 30th. Seven equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $126.13.
View Our Latest Research Report on PPG
About PPG Industries
PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.
PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.
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