Bank of America Corp DE lifted its position in PPG Industries, Inc. (NYSE:PPG – Free Report) by 21.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 2,035,467 shares of the specialty chemicals company’s stock after buying an additional 365,049 shares during the period. Bank of America Corp DE’s holdings in PPG Industries were worth $217,551,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PPG. Brighton Jones LLC lifted its holdings in shares of PPG Industries by 9.1% during the 4th quarter. Brighton Jones LLC now owns 4,075 shares of the specialty chemicals company’s stock valued at $487,000 after purchasing an additional 339 shares in the last quarter. Integrated Wealth Concepts LLC increased its stake in PPG Industries by 31.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,849 shares of the specialty chemicals company’s stock worth $421,000 after purchasing an additional 920 shares in the last quarter. Empowered Funds LLC raised its holdings in PPG Industries by 6.1% during the 1st quarter. Empowered Funds LLC now owns 26,354 shares of the specialty chemicals company’s stock worth $2,882,000 after buying an additional 1,526 shares during the period. Woodline Partners LP lifted its stake in PPG Industries by 40.7% in the first quarter. Woodline Partners LP now owns 19,600 shares of the specialty chemicals company’s stock valued at $2,143,000 after buying an additional 5,667 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its stake in PPG Industries by 6.2% in the second quarter. Cresset Asset Management LLC now owns 6,346 shares of the specialty chemicals company’s stock valued at $722,000 after buying an additional 371 shares in the last quarter. 81.86% of the stock is currently owned by institutional investors.
PPG Industries Price Performance
NYSE:PPG opened at $113.83 on Tuesday. The stock has a market capitalization of $25.31 billion, a PE ratio of 16.31, a P/E/G ratio of 1.60 and a beta of 1.07. PPG Industries, Inc. has a 1-year low of $93.39 and a 1-year high of $133.43. The firm has a fifty day simple moving average of $116.86 and a 200 day simple moving average of $113.69. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72.
PPG Industries Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 10th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 10th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.71. PPG Industries’s payout ratio is currently 40.69%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. cut their price objective on shares of PPG Industries from $126.00 to $125.00 in a research report on Thursday, April 30th. Royal Bank Of Canada reduced their target price on shares of PPG Industries from $129.00 to $122.00 and set a “sector perform” rating for the company in a research note on Thursday, July 30th. Citigroup dropped their price target on PPG Industries from $125.00 to $121.00 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Finally, Wells Fargo & Company cut their price target on PPG Industries from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday, April 10th. Seven analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $126.00.
Check Out 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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